In a seed funding round headed by Shorooq Partners and including Apparel Group and other investors, the proptech company Prypco, based in Dubai, has raised $10 million.
The funding will help the two-year-old proptech company scale its operations and broaden its product offerings. It was finalized in September 2024.
Prypco’s founder and CEO, Amira Sajwani, said the company gains a lot from its collaboration with Shorooq Partners.
“We started the company bootstrapped, and we’re very proud of that. Of course, the investment is a great bonus, but we’re particularly happy with the team and have built a phenomenal relationship,” she told Zawya Projects on the sidelines of the agreement signing event.
According to Mahmoud Adi, a founding partner at Shorooq Partners, his company helps businesses use technology to revolutionize traditional industries. He told Zawya Projects that Prypco never slowed down in terms of execution.
“They’ve remained focused, with their heads down, building and growing. Even while being bootstrapped, they’ve proven to be an incredibly credible and reliable business,” he said during a joint interview with the Prypco founder on Tuesday.
According to Amira, the company’s growth trajectory will be maintained by the $10 million investment, which will mainly be utilized to support its expansion and guarantee organic growth. By December 2027, the firm wants to grow to an annual recurring revenue (ARR) of $250 million.
The four verticals that Prypco currently runs are Prypco Golden Visa, Prypco Exclusives, Prypco Mortgage, and Prypco Blocks. Home loan facilitator Prypco Mortgage has disbursed more than 500 million UAE dirhams ($136 million) so far, including a record AED48.5 million for a single mortgage.
An online platform called Prypco Blocks, which is governed by the DFSA, allows investors to purchase rental properties for as little as AED 2,000. Since its formal launch, it has fully funded nine properties and intends to add more real estate investment opportunities in the months to come.
While Prypco Golden Visa helps clients obtain permanent residency in the United Arab Emirates and handles the necessary paperwork, Prypco Exclusives, which will soon be launched, provides real estate brokers with access to secondary properties, including more than 250 listings in 70 projects.
“In mortgages, we are currently the second-largest mortgage broker in the UAE,” said Amira. “For fractional ownership, even though we started just three months ago, we are already the third largest in the UAE. When it comes to Golden Visas, we are the largest provider at scale [with 600 plus visas], as there are few service providers offering this at our level.”
