Insider Brief
- Nomad Homes has raised $20 million in a Series A extension round led by Acrew Capital, aiming to revolutionize the home buying experience in Dubai by offering buyers impartial representation and access to the largest pool of off-market listings.
- The funding will fuel further growth, enhance their AI-driven buyer’s co-pilot, and launch Nomad Homes Private Client, a bespoke service for affluent buyers.
- Despite challenges in the real estate sector and rising interest rates, Nomad Homes has experienced significant growth, operating across France, Spain, Portugal, and the UAE.
PRESS RELEASE — UAE/October 24, 2023 — Nomad Homes, a software-enabled marketplace for residential real estate across Europe and the Middle East (EMEA), announced today it has closed a $20 million Series A extension round. The round is led by Acrew Capital, a multi-stage venture fund based in the Bay Area that has invested in companies such as Chime, Coinbase, Gusto, and Cato Networks, among others.
Nomad Homes is revolutionising the home buying experience in Dubai by providing buyers with separate and impartial representation from sellers and exclusive access to Dubai’s largest pool of off-market listings. Nomad Homes is the first in Dubai to provide a real estate expert dedicated to buyers. Clients receive a specialised buying agent who acts as a single point of contact and offers expert and impartial advice separate from the agent selling the home. In addition, buyers receive exclusive access to the largest collection of off-market properties across Dubai, which is powered by the company’s B2B platform, Nomad Agent. All the services are at no additional cost for home buyers because the standard buying commission is shared with the agent selling the home.
“Buyers deserve expert representation just like sellers do; having one agent represent both buyers and sellers is just not fair,” says Helen Chen, Nomad Homes CEO. “In the Manchester Derby, would you ever let Pep coach both teams when he’s getting paid by Man City? Never! Man United would never let that happen. Neither should buyers.”
The funding will be used to continue investing in growth, further build out its AI-driven co-pilot for buyers, and launch Nomad Homes Private Client.
Nomad Homes Private Client is a bespoke service for clients purchasing a single property or a portfolio of assets worth over 10 million AED. The service is similar to high-end private banking solutions. Nomad Homes Private Client Advisors provide expert guidance, develop custom data-led negotiation strategies, and ensure absolute privacy to deliver a seamless experience tailored to affluent buyers. Clients also gain priority access to Nomad Homes’ exclusive pool of off-market properties.
Operating in France, Spain, Portugal, and the UAE, the company has grown over 24x since its last fundraise despite rising interest rates and headwinds in the real estate sector.
Vishal Lugani, General Partner and co-founder of Acrew, says, “Having known and followed Helen and the Nomad Homes team for some time, we’ve seen the company’s tremendous growth over the past few years. Now, with their new Nomad Agent product, Nomad dramatically improves real estate agents’ workflow while also helping bring more trust and transparency to consumers who are looking to buy their home. It’s in a time like this, with housing costs spiralling, that the world needs a solution like Nomad.”
Acrew was joined by existing and new investors 01 Advisors, HighSage Ventures, Abstract Ventures, Partech, Precursor Ventures, Potluck Ventures, Knollwood, and several undisclosed hedge funds, among others.
Featured image: Helen Chen. Credit: Nomad Homes
