Not all countries have a multiple listing service to make it easier to buy and sell a home. This often makes the process complicated as buyers sort through bogus and duplicate listings and little price data, unlike in the US.
Real estate tech startup Nomad Homes is working to change that by creating a personalized real estate buying experience in Europe, the Middle East and Africa, a region that accounts for $ 20 trillion in real estate, told TechCrunch the company’s CEO, Helen Chen.
“We’re like Stitch Fix for real estate,” she added. “We match you with the best home for you. Instead of looking the old-fashioned way by browsing through thousands of listings, you can take a ‘style quiz’ and we’ll show you properties. “
Model of nomadic houses. Image credits: Nomadic houses
Today, Nomad Homes announced a $ 20 million Series A funding co-led by 01 Advisors, an investment fund co-founded by former Twitter executives Dick Costolo and Adam Bain, and The Spruce House Partnership. A group of new and existing investors also participated, including Goodwater Capital, HighSage Ventures, Abstract Ventures, Partech, Class 5 Global, Precursor Ventures and Alta Park Capital.
Angel investors in the cycle included Zillow co-founder and former CEO and Pacaso Spencer Rascoff via 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 company has raised a total of $ 24 million since Chen, Dan Piehler and Damien Drap founded the company in 2019 after they bonded to find a place to live in a new city. They have collective backgrounds at Blackstone, Addepar, and Uber, while Chen also left Stanford Graduate School of Business to start the business.
Nomad Homes creates their own MLS for the area and applies the technology to the expertise provided by local customer service experts to provide homebuyers with all the information they need from initial research to financing and signing. all the documents.
“Nomad Homes has built an incredible platform that is shaping the future of real estate in the EMEA region,” said Dick Costolo, managing partner of 01 Advisors, in a written statement. “What the team is building is to increase market liquidity and simplify the consumer experience. We have invested in equally transformative companies in the United States and are delighted to partner with these founders and to the whole team as they expand.
After announcing its launch and its roundtable in 2020, the company’s platform is now online in Paris and Dubai. It is expanding in Southern Europe and strengthening its team in the United States and Europe.
As transaction volumes grew more than 16-fold in the first half of the year, the Series A provided an opportunity to step up into new markets and invest heavily in technology and product for improve the customer experience, Chen said. A portion of the proceeds will also go to fintech products and doubling its team of 32 by the end of the year.
“We will continue to provide the best customer experience and expand our offerings into more markets,” she added. “We are also excited by all the investors around the table. They are investors on many levels, and we have a lot to learn from them, especially Spencer from Zillow and Eric from Opendoor, both of whom are experts in the field.