Egypt-based property technology startup, Partment has secured $1.5 million in a new funding round led by Nclude Venture Capital.

The startup provides co-owned second homes in the Middle East and North African region. According to the startup, the new funding will enable Partment to improve its infrastructure and roll out its MVP feature.

Other investors include Plus Venture Capital (+VC), a venture capital firm that focuses on investing in pre-seed and seed-stage tech startups in the MENA as well as veterans in the real estate sector.

With its end-to-end property management solution, Partment provides opportunities to maximise property utilization while enabling customers to co-own second homes at a fraction of the cost.

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Users can seamlessly signup on to the platform, arrange a conversation with an expert to learn more about the properties that are offered and receive complete support to buy a stake in their selected unit.

Speaking about the funding round, Nadim Nagui, CEO of Partment, revealed to the media that “Partment is a novel concept in Egypt, and we believe it will transform how people acquire and use real estate in both the local and global markets. We are incredibly grateful that reputable investors believe in and support our mission. Their confidence in our business strategy, in addition to the financial assistance and professional counsel, will help us accomplish our short- and long-term objectives and scale our operations in Egypt and the rest of the region.”

Eslam Darwish, Founding General Partner of the Nclude Venture Capital also disclosed that “We are driven to accelerating fintech Innovation and achieving financial Inclusion by backing global-mindset innovators, and are thrilled to have led Partment’s latest fundraising round,” said.

“We also have the honor of supporting the team as they embark on their thrilling mission to disrupt the real estate industry with a locally relevant, internationally scalable solution that offers a distinctive client experience,” he added.