- PRYPCO, a Dubai prop-tech startup, secured $10 million in seed funding led by Shorooq Partners in September 2024, aiming to digitize and streamline real estate processes.
- The company offers four core services: PRYPCO Blocks, Mortgage, Exclusives (broker listings), and Golden Visa assistance, with investments starting at AED 2,000.
- Notable achievements include AED 500 million in mortgage disbursements, over 600 Golden Visas issued, and 209 investors from 40+ nationalities using their platform.
PRYPCO, a Dubai-based prop-tech startup, has successfully raised $10 million in seed funding. The round, completed in September 2024, was led by Shorooq Partners, with support from strategic investors, including Apparel Group. This funding will help PRYPCO scale its operations and expand its range of services, continuing its mission to simplify real estate processes for all stakeholders.
Transforming the Real Estate Experience
Founded in 2022 by Amira Sajwani, PRYPCO is on a mission to digitize and streamline the real estate experience. The company offers a platform that caters to a variety of needs in the real estate sector, aiming to make the journey easier and more accessible for everyone. From fractional ownership to securing mortgages and Golden Visas, PRYPCO has positioned itself as a leader in the industry, providing comprehensive solutions to its users.
Sajwani, the CEO of PRYPCO, emphasized the importance of this funding in helping the company continue its growth. She stated, “This investment marks a crucial moment for PRYPCO. Real estate is the largest asset class globally, but the complexity and high barriers to entry have often made it difficult for many to participate. With this funding, we are committed to expanding our ecosystem, offering new opportunities, and ensuring that everyone can achieve Real Estate Freedom.”
Visionary Investment in Technology
Shorooq Partners, the lead investor in the seed round, recognized the potential in PRYPCO’s technology-driven approach to real estate. Mahmoud Adi, a founding partner at Shorooq Partners, mentioned, “We actively seek out companies that use technology to disrupt traditional sectors, and PRYPCO is doing just that in real estate. Their work in fractional ownership, in particular, democratizes property investment, making it accessible to a wider range of investors.”
PRYPCO’s Services: Simplifying Real Estate
PRYPCO offers four core services i.e. Blocks, Mortgage, Exclusives, and Golden Visa. Each of these are designed to enhance different aspects of the real estate journey.
PRYPCO Blocks
PRYPCO Blocks is a fractional ownership platform that allows investors to purchase shares in rental properties. Regulated by the Dubai Financial Services Authority (DFSA), the platform ensures a transparent and secure investment process.
Investors can start with as little as AED 2,000, making property investment more accessible. Since its launch, the platform has fully funded nine properties, with plans to introduce more opportunities in the coming months.
PRYPCO Mortgage
PRYPCO Mortgage simplifies the process of obtaining home loans, ensuring that homeownership becomes easier and less stressful. In September 2024, PRYPCO achieved a major milestone by disbursing over AED 500 million in a single month, setting a new company record. This achievement highlights the growing trust in PRYPCO’s mortgage services and its ability to meet the demands of home buyers.
PRYPCO Exclusives
PRYPCO Exclusives caters to real estate brokers, offering access to exclusive secondary property listings. With over 250 listings spanning more than 70 projects, the platform provides brokers with the tools they need to serve their clients efficiently. The availability of exclusive listings allows brokers to offer unique investment opportunities to their customers.
PRYPCO Golden Visa
In addition to property services, PRYPCO also assists individuals in securing long-term residency in the UAE through the Golden Visa program. The platform handles all necessary paperwork, helping applicants navigate the sometimes complex requirements of obtaining a Golden Visa. To date, over 600 Golden Visas have been granted through PRYPCO.
Impressive Milestones and Key Figures
PRYPCO’s growth has been significant since its founding in 2022. The platform has achieved several noteworthy milestones:
- Over 200 properties sold
- More than 300 active agents and brokers using the platform
- AED 500 million in mortgage disbursements during August 2024
- A record-breaking single disbursal of AED 48.5 million
- AED 8.1 million invested in fractional property ownership
- More than 600 Golden Visas issued
- Revenue exceeding AED 8.2 million
- 209 investors from over 40 different nationalities
- An average investment size of AED 6,220
Expanding Horizons
With the successful completion of this seed funding round, PRYPCO is well-positioned to continue expanding its operations and offerings. The company plans to introduce new investment opportunities and further grow its ecosystem, ensuring that it remains at the forefront of innovation in the real estate sector.
As PRYPCO scales, it will continue to focus on making the real estate journey more accessible and user-friendly, enabling more people to participate in one of the world’s largest asset classes. With the backing of Shorooq Partners and other strategic investors, PRYPCO is poised to drive significant change in the real estate industry, democratizing property investment and homeownership for a new generation of investors.
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Last Updated on October 23, 2024 by Safiya K
