Morocco's Agenz raises $540k SEED
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The Moroccan property valuation startup, Agenz, has successfully raised $540K in their latest fundraise. The SEED round was led by Azur Innovation Partners. This round makes Agnez achieve one of the largest seed funding round in Morocco, less than a year after its launch.
Founded in 2021 by brothers Mail Belkeziz and Badr Belkeziz, Agenz was established to provide reliable real estate market data that is updated in real-time, allowing the consumer to make smarter real estate decisions faster and at the right time. Among other features, the site also allows the consumers to value their property for free, learn about local prices, and select the most appropriate real estate firm for their project based on select criteria.
Early-stage funding rounds (<$500K) have been observing a general slump across MENA. Few sectors focusing on real-estate and shared economy, however, have been a rising target for VC investment across the Emerging Venture Markets. On one end, this could be due to inflated Real Estate prices, where owners and developers seek tech to monetize properties without full acquisitions, and on the other, it is disruptive tech that attracts sizable investments. In MENA, relevant startups like HotDesk, an on-demand workspace platform, raised $1M this year, and short-term rental startup Short Stay Vacation Homes raised $1.9M. Across other Emerging Markets, on-demand property financing and Tech-enabled financing solutions have been an evident target for VC investment, where earlier this year Turkey’s on-demand property financier Tiko raised a stellar $65M while Pakistan-based financing solutions provider Trellis also raised funds.
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The company brings together a unique team of engineers, statisticians, and data scientists in Morocco to produce a precise real estate appraisal and analysis tool, that is available in the market. Agenz.ma will be introduced across the Kingdom in the coming weeks after a successful debut in Casablanca, which saw over 20,000 estimates made in just a few months and high traffic growth.
The startup aims to help all the players in the real estate value chain accelerate their activity and improve their performance metrics. Malik Belkeziz mentions that the site was created to help users streamline the real estate transaction process, “On one hand, by providing market transparency to each project leader, whether seller-buyer or tenant, and on the other hand, by assisting professionals in effectively promoting their expertise and prospects.”
This SEED funding will be used towards improving R&D and accelerating its expansion plans across the Kingdom. It also plans to introduce more extensive digital market analysis and property assessment solutions for professionals at the start of 2022.
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Source: Afrikan Heroes