UAE’s Nomad Homes raises $20m Series A round to accelerate expansion

Nomad Homes, Dubai’s property technology startup announced on Wednesday that it has closed a $20m Series A funding round.

The digital real estate platform pairs technology with local customer service experts, enabling buyers to purchase their homes via a customised process. Nomad Homes will use the new funding to accelerate its expansion across EMEA, specifically in Southern Europe. The company will also continue to invest in its technology and offer additional products and services, a statement said.

The round is co-led by 01 Advisors, an investment fund co-founded by former Twitter executives Dick Costolo and Adam Bain, and The Spruce House Partnership. Investors including 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 participated in the round.

Several angel investors were also part of the round.

We are excited to announce our $20 million Series A ?Thank you to @dickc @adambain @kovacs @01Advisors for your support ? Stay tuned for further updates ?https://t.co/yK7dbRuSfz

— Nomad Homes (@nomad_homes) September 28, 2021

Having launched in 2020, the company has already expanded to its second country, while transaction volumes grew over 16x through the first half of 2021.

“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 believe that the combination of technology and personalised customer experience empowers our customers to buy their home with confidence. A lot of that confidence comes from the multiple listing services (MLS) that Nomad is creating, which provides home buyers the data and transparency to make that decision,” added Helen Chen, Nomad CEO.

Nomad Homes also raised $4m in seed funding last year.

Read: Dubai’s Nomad Homes raises $4m in seeding funding