KSA-based PropTech Deal raises $2.24M Pre-Series A
In a market brimming with untapped potential, the KSA-based PropTech and Real Estate request fulfillment app, Deal raises $2.24M in its Pre-Series A round to launch new features and expand beyond the Kingdom.
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While participating in the LEAP conference and exhibition, Deal, the Saudi real estate app, pioneering in receiving and fulfilling real estate requests in Saudi Arabia, announced that it has raised $2.24M (8.4M SAR) in its latest funding round. The Pre-Series A round recorded participation from a consortium of Real Estate 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, and a number of angel investors.
The Deal app was launched in 2019 by Salah Al-Suwaidan, Abdullah Al-Abbad, and Muhammad Al-Shaalan, based on innovation as a principal in solving the problem of searching for a property, whether it be for purchase or rent, facilitating the challenges property seekers encounter in accessing the appropriate options. For this reason, the Deal app has designed an intricate digital solution by adopting the 'request-oriented business model', in which property seekers submit their requests through the app to receive appropriate offers directly from the active agents in the neighborhoods they are targeting.
As recorded in our State of Startup Funding- 2022 Emerging Venture Markets Report, available for download, investor interest in MENA shifted towards industries with faster turnaround and Tech ventures with scale promise, where funds were heavily channeled towards FinTech, Transport & Logistics (T&L), and E-commerce in 2021. In Saudi Arabia, however, 3 rounds closed in the Real Estate and PropTech space recorded a new all-time high in the kingdom, with a record-breaking funding growth of 570% YoY. Most interestingly, PropTech propositions in 2021 focused on facility management and market appraisal which leaves plenty of room for startups such as Deal to thrive in untapped potential. To that effect, it was facility management PropTech startups Qreeb and Dallali as well as Saudi-based property marketplace ehsibha that raised the industry’s VC funds over the past year.
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Deal is one of the first real estate platforms to obtain a license from the General Authority for Real Estate. The app also received more than 100 000 real estate requests in more than 100 cities and governorates all over the Kingdom. Additionally, the purchasing power of confirmed real estate requests has exceeded more than 10 billion riyals. Salah Al-Suwaidan, co-founder and CEO of Deal commented, “Through the innovative model, [the] Deal app team seeks to solve the daunting problem of searching for a property, which is still occupying everyone’s mind [who is] willing to buy or rent a property, whether it be residential or commercial.” He also stressed the fact that the team's main concern is to enable real estate agents to enter the real estate brokerage market efficiently and effectively.
Salah added, “In Deal, we believe in the importance of a professional real estate brokerage. That is why we launched a real estate business accelerator to enable young people to enter the real estate brokerage market and interact professionally with real estate requests in the application, thus speeding up their access to achieving successful real estate deals.”
Riyadh topped the list of cities in terms of the volume of real estate requests, accounting for more than 50% of requests submitted through the app. Furthermore, the app has registered more than 20,000 real estate brokers in various regions of the Kingdom, in terms of which women have a distinguished presence. Indeed, the Deal app is an effective way for them to enter the Real estate brokerage market. With this round, Deal intends to expand its services by launching a number of innovative and exclusive services that will roll out for the first time in the real estate sector. In addition, Deal plans to extend geographically to cover other countries, including geographies in the GCC.
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