Prypco, a UAE-based company that utilizes technology to support people purchase, invest in and finance property, completed a new fundraising round this week, reflecting the surge in finance for property technology – known as “proptech” – startups in the Middle East and North Africa.
Prypco was founded in 2022 by Amira Sajwani, a member of the family behind Dubai-based private developer Damac Properties. It raised $10 million in seed financing last year and this week closed a pre-Series A round led by US venture capital company General Catalyst. The valuation at which the latest fundraising was built was not revealed.
Proptech was the leading sector in the latest Mena startup funding figures, according to data from research platform Wamda.
Total startup funding in August amounted to $337.5 million, arising from 47 deals. This was an increase of 74 percent year on year, but down 57 percent month on month from a standout figure in July.
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Proptech topped the charts, raising $96 million across four deals, followed by fintech with 68.3 million from five transactions.
For the second consecutive month, Saudi Arabia led the region, attracting $166 million across 19 deals, followed by the UAE with $154 million raised by 11 startups.
Real estate sales in Dubai totaled AED51 billion from 18,678 transactions, an increase of around 8 percent year on year in value terms. The average price per square foot rose 15.2 percent.
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