Saturday April 13th, 2024
Download SceneNow app

KSA-Based Proptech Deal Raises $2.24 M Pre-Series A Round

The request fulfillment app's investors include a whole host of Saudi real estate players.

Farida El Shafie

KSA-Based Proptech Deal Raises $2.24 M Pre-Series A Round

Riding the  growing wave of propetech across MENA,  KSA-based Deal has just closed a $2.24 million Pre-Series A round, as the request fulfillment app is gearing up for global expansion. The round disclosed participation from a syndicate of investors including Al-Sulaiman Real Estate Company, Wa’lan Trading Company, and Salem Balhmar Real Estate company, Al Thuraya Al Omrania Real Estate Development Company, Kenayah Company, as well as a plethora of additional angel investors. 

Launched in 2019 by Saudi natives Salah Al-Suwaidan, Abdullah Al-Abbad, and Muhammad Al-Shaalan, Deal has already captured global attention with its novel business model. Built on a problem-solving initiative, Deal searches for available properties; minimizing the tedious act of roaming around the city. The Saudi enterprise acts as an intermediary facilitating purchasing and renting of properties between property seekers and respective landlords. By implementing a request-based model, Deal actively engages with target audiences for efficient product delivery. Put succinctly, the app allows those looking for a property to submit detailed requests apparent to nearby active real estate agents. 

As a product of pandemic demands, this new hybrid shift within the industry has already exceeded 32 million Euros in exponential growth and is continuing to do so this coming year; permitting stakeholders more solution-based methods of navigating this modification to the market.