Nomad Homes, a UAE-based property technology startup, raised USD 20 million in a Series A funding round co-led by 01 Advisors and The Spruce House Partnership on 30 September 2021.
Investors: 01 Advisors, an investment fund co-founded by former Twitter executives Dick Costolo and Adam Bain and The Spruce House Partnership, a New York-based investment partnership, co-led the current funding round. In addition, new and existing investors such as Goodwater Capital, HighSage Ventures, Abstract Ventures, Partech, Class 5 Global, Precursor Ventures, Alta Park Capital, and an undisclosed multi-billion dollar crossover fund, among others, also contributed to this round. Many eminent angel investors also participated in the round, including Co-Founder and former CEO of Zillow and Pacaso Spencer Rascoff through his firm 75 & Sunny, Opendoor CEO Eric Wu, former Compass COO/CFO David Snider, Flyhomes CEO Tushar Garg, Landis Co-Founders Cyril Berdugo and Tom Petit, and DST Global Partner Saurabh Gupta.
The Objectives behind the funding: The company plans to deploy the latest proceeds to accelerate its expansion across EMEA, specifically in Southern Europe and invest heavily in its technology and offer additional products and services to provide a “one-stop-shop” for everything related to home.
About Nomad Homes
Founded in 2019 by three friends Helen Chen, Dan Piehler, and Damien Drap, Nomad Homes is the sole comprehensive real estate service focused on bringing a personalized experience to home buying across Europe and the Middle East. Using technology and local service, Nomad equips home buyers with the confidence to buy their best home. The startup aims to create the simplest, most personalized home buying process from search to financing to signing.
What the Founders have to say:
“We set out on a mission to simplify the most important personal and financial decision in your life. We believe that the combination of technology and personalized customer experience empowers our customers to buy their homes with confidence. Much of that confidence comes from the MLS that Nomad is creating, which provides homebuyers with the data and transparency to make that decision. We’re like a transactional Zillow, but in EMEA,” says Chen, Nomad CEO. “We are using the same playbook that we used at Uber to accelerate launching and scaling across markets,” he added.
“We are particularly excited to continue investing in new fintech products and pricing tools to further streamline the buying journey for our customers,” says Piehler, Nomad CPO.
What the Investors have to say:
“Nomad Homes has built an incredible platform that is shaping the future of real estate across EMEA,” said Dick Costolo, Managing Partner of 01 Advisors. “What the team is building is increasing market liquidity and simplifying the consumer experience. We have invested in similarly transformative companies in the US and are excited to partner with these founders and the entire team as they expand.”
“We are excited to be partnering with Nomad Homes. We have seen firsthand the opportunity of digitizing other large, offline industries and believe that the same opportunity exists in residential real estate. We have known Helen for years and are convinced Nomad is the best team to take advantage of this opportunity across EMEA,” says Zachary Sternberg, General Partner of The Spruce House Partnership.
Although real estate constitutes over $20 trillion across the region, the industry is still riddled with forge and duplicate listings and no pricing data to realize the actual value. The task of buying a home remains offline and with no buy-side agents, leaving prospective home buyers without representation in what will likely be a consumer’s most significant financial asset. Nomad Homes aims to simplify buying and selling residential real estate, especially in EMEA.
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