The platform was launched earlier this year but, it has already secured 7-figure financing to get its revolutionary real estate project off ground.  

Partment is a digital solution developed by an eponymous Egyptian startup. It allows users to buy second homes or part of them at attractive prices. The startup, founded by Nadim Nagui, Ahmed el Raggal and Chinmaya Das in 2022, has completed a US$1.5 million funding round to improve its infrastructure platform and deploy its minimum viable product (MVP).

By rolling out the beta version of its platform, the startup aims to gather enough user feedback to validate the project and the product before starting a lengthy and expensive development. "Partment is a new concept in Egypt and we believe it will change the way people buy and use real estate in the local and international market," said Nadim Nagui.

On the beta platform, users (upon registration) can browse the list of houses located mostly in vacation destinations and invest to either become the owner or co-owner of the desired property. When there are multiple co-owners for a property, the platform’s smart booking system sets a quota of days when so or so co-owner can use the property based on the amount invested and the number of co-owners. “Every co-owner has 41 nights of unbiased and algorithm-powered quota,” the startup explains.  Co-owners can also sell their rights (or fractional ownership) in a property when they no longer need the property. 

The proptech hopes it will quickly conquer Egypt and expand in the subregion thanks to the funds raised last September. "Aside from the financial support and expert advice, their trust in our business model will help us achieve our short-term and long-term goals and scale our business to the next level in Egypt and across the region," Nadim Nagui indicated.

Adoni Conrad Quenum