UAE proptech Prypco raises $10 million in seed round

News

• October 23, 2024

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• UAE-based proptech Prypco has raised $10 million in a seed funding round, led by Shorooq Partners, with participation from Apparel Group and other investors.
• Founded in 2022 by Amira Sajwani, Prypco makes real estate ownership easier through its four vertical offerings: Prypco Blocks, Prypco Mortgage, Prypco Exclusives and Prypco Golden Visa.
• Prypco Mortgage, which facilitates home loans, has disbursed more than $136 million (AED500 million) to date.
• The $10 million investment will be used to support the company’s growth and ensure its organic expansion.

Press release:

Dubai-based proptech company Prypco has raised $10 million in a seed funding round led by Shorooq Partners, with participation from Apparel Group and other investors.

The financing, completed in September 2024, will support the two-year-old proptech company’s plans to expand its operations and broaden its offerings.

Amira Sajwani, founder and CEO of Prypco, said the partnership with Shorooq Partners adds significant value to the company.

“We started the business on our own and we are very proud of it. Of course, the investment is a big bonus, but we are particularly happy with the team and have built a phenomenal relationship,” she told Zawya Projects on the sidelines of the deal signing.

Mahmoud Adi, founding partner of Shorooq Partners, told Zawya Projects that his firm supports companies that leverage technology to transform traditional industries, noting that Prypco has never slowed down when it comes to execution.

“They stayed focused, with their heads down, building and growing. Even when they were bootstrapped, they proved to be an incredibly credible and reliable company,” he said Tuesday in a joint interview with the founder from Prypco.

The $10 million investment would primarily be used to support the company’s growth and ensure organic expansion, enabling it to continue its growth trajectory, Amira said. The company aims to become a $250 million ARR (Annual Recurring Revenue) company by December 2027.

Sectors of activity

Prypco currently operates four verticals: Prypco Blocks, Prypco Mortgage, Prypco Exclusives and Prypco Golden Visa. Prypco Mortgage, which facilitates home loans, has disbursed more than 500 million UAE Dirhams ($136 million) to date, including a record one-off mortgage disbursement of AED 48.5 million.

Prypco Blocks is a DFSA-regulated fractional real estate ownership platform that allows investors to digitally invest in rental properties from AED 2,000. It has already fully funded nine properties since its official launch and plans to add more real estate investment opportunities in the coming months.

Prypco Golden Visa helps clients obtain long-term residency in the UAE and manage the paperwork involved, while Prypco Exclusives, scheduled to launch soon, gives real estate brokers access to secondary properties, with more than 250 announcements spread across 70 projects.

“When it comes to mortgages, we are currently the second largest mortgage broker in the UAE,” Amira said. “When it comes to fractional ownership, even though we started just three months ago, we are already the third largest in the UAE. When it comes to Golden Visas, we are the largest provider at scale (with over 600 visas), as few service providers offer this at our level.

Prypco’s gross merchandise value (GMV), which reflects total sales volume, exceeds AED 450 million, while revenue generated to date exceeds AED 8.2 million.

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