Nomad believes that the Middle East's real estate market is lagging behind the US in terms of experience
Dubai-based Nomad Homes has announced a $4 million seed round led by Comcast Ventures to build its digital real estate platform in Europe and the Middle East, the company has announced.
In a statement, Nomad said that it has partnered with Comcast Ventures to lead its seed financing, with Abstract Ventures, Partech, Precursor Ventures, WndrCo and Class 5 Global also participating.
In a statement, Nomad co-founder and CEO Helen Chen said that while the EMEA region’s real estate market represents over $600 million in transactions each year, the customer experience remains behind the United States.
“Proptech goliaths including Zillow and Opendoor are built atop multiple listing services (MLS), which provide detailed property information including transaction history, tax assessments, and nearby school districts,” she said.
“Across Nomad’s markets, including its first launch city of Dubai, that level of data transparency does not exist - leaving buyers and renters to navigate a sea of low quality, duplicative listings with no understanding of the underlying details and what the property is actually worth.
“The majority of the process of finding a home across EMEA is still completed offline and is consequently confusing and inefficient. Through the use of better technology and customer service, Nomad aims to bring the entire journey online,” Chen added.
Before starting Nomad, Chen was a former private equity investor at Blackstone in the US.
According to the company, it offers a managed marketplace - removing fake and duplicate listings and bringing the process entirely online. It makes money by receiving a percentage of the commission once a customer chooses a home.
In the future, it plans to address financing challenges faced by users, and plans to use its new funding to launch in a second city in Europe.