UAE: Dubai-based proptech firm Prypco has secured $10 million in a seed funding round.
The round was led by Shorooq Partners, with participation from Apparel Group and a number of other undisclosed investors.
The investment will be used to scale Prypco’s operations and accelerate its expansion in Dubai and the rest of the United Arab Emirates [UAE].
Amira Sajwani, founder and CEO of Prypco, told Zawya: “We started the company bootstrapped, and we’re very proud of that. Of course, the investment is a great bonus, but we’re particularly happy with the team and have built a phenomenal relationship.”
Mahmoud Adi, founding partner at Shorooq Partners, told the same publication: “They’ve remained focused, with their heads down, building and growing. Even while being bootstrapped, they’ve proven to be an incredibly credible and reliable business.”
The company operates across four major verticals: Prypco Blocks; Prypco Mortgage; Prypco Exclusives; and Prypco Golden Visa.
Launched in 2021, Prypco Blocks is a fractional real estate ownership platform that allows investors to digitally invest in rental properties for a minimum of AED 2,000 Dirhams. To date, it has fully funded nine properties and the platform expects to add more investment opportunities in the next few months.
Meanwhile, Prypco Golden Visa supports clients who want to obtain long-term residency in the UAE. The firm will also launch Prypco Exclusives imminently, which will give real estate brokers access to secondary properties.