Resi digitisation races ahead as Nomad Homes raises $20m
Seeking to personalise the entire home buying process across EMEA, the proptech startup secured $20m in Series A funding to accelerate its expansion in the region
Nomad Homes asks users to answer a few questions and finds properties that match that criteria. Acting as a buy-side agent, the company negotiates prices, handles documentation and carries out “the critical, the boring and everything in between” for buyers.
The goal is to fill a gap in the region’s residential market. Nomad, which operates in Paris and Dubai, said: “Despite real estate representing over $20tn across the region, the market is still riddled with fake and duplicate listings and no pricing data to understand the true value of a home.
“The process of buying a home remains offline and with no buy-side agents, leaving potential home buyers without representation or support in what will likely be a consumer’s largest financial asset.”
Led by ex-Twitter executives Dick Costolo and Adam Bain’s 01 Advisors and The Spruce House Partnership, the funding round will help expand the startup across Southern Europe and grow its product development.
Costolo said he believes that Nomad is “shaping the future of real estate across EMEA”, adding: “What the team is building is increasing market liquidity and simplifying the consumer experience.”
Nomad was founded by Helen Chen, Dan Piehler and Damien Drap who, between them, have experience working at Uber, Blackstone and wealth management platform Addepar.
Chen said: “We set out on a mission to simplify the most important personal and financial decision in your life. 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 MLS [multiple listing service] that Nomad is creating, which provides home buyers the data and transparency to make that decision. We’re like a transactional Zillow, but in EMEA.”
Raft of resi raises
Investors have recently poured millions into startups looking to digitise the residential market in various ways.
Two US startups, June Homes and Blueground, had raised a combined $308m between them by September. The two companies are trying to tap into what they see as growing demand for flexible living to go alongside flexible working.
Earlier this year, online estate agent Emoov launched an iBuyer product in the UK, promising users quick sales of their property through a business model similar to Opendoor, the US company that went public last year in a $4.8bn SPAC deal.
Traditional real estate players have also got in on the action, including JLL, which recently launched an Airbnb rival, JLL Short Stays.