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

  • Date: 09-Jul-2020
  • Source: Gulf Business
  • Sector:Financial Markets
  • Country:UAE
  • Who else needs to know?

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

Zainab Mansoor

Thursday 09 July 2020

Helen Chen is the founder of Nomad Homes

Dubai-based digital real estate platform Nomad Homes, has raised $4m in seed funding, to scale its US-based engineering team and grow its marketplace and services.

Additionally, the company is laying the groundwork for its second launch city in Europe.

The funding round led by Comcast Ventures, also saw the participation of Abstract Ventures, Partech, Precursor Ventures, WndrCo, and Class 5 Global.

The company is building a managed marketplace for users to search, transact, and finance residential real estate.

Nomad co-founder and CEO, Helen Chen, said that although EMEA's real estate market represents over $600bn in transactions per year, the customer experience remains far behind that of the US.

"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. 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,“ added Chen.

"The majority of the process of finding a home across EMEA is