Dubai-based proptech firm Prypco has raised $10 million in a seed funding round led by Shorooq Partners, with participation from Apparel Group and other investors.
The funding, completed in September 2024, will support the two-year-old proptech firm’s plans to scale its operations and expand its offerings.
Amira Sajwani, founder and CEO of Prypco, stated that the partnership with Shorooq Partners adds significant value to the company.
“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.
Mahmoud Adi, founding partner at Shorooq Partners, told Zawya Projects that his firm supports companies leveraging technology to transform traditional sectors, noting that Prypco never slowed down when it came to 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.
The $10 million investment would primarily be used to support the company’s growth and ensure organic expansion, allowing it to continue on its growth trajectory, said Amira. The firm aims to become a $250 million ARR [Annual Recurring Revenue] business by December 2027.
Business verticals
Prypco currently operates four verticals: Prypco Blocks, Prypco Mortgage, Prypco Exclusives, and Prypco Golden Visa. Prypco Mortgage, which facilitates home loans, has disbursed over 500 million UAE dirhams ($136 million) to date, including a record single mortgage disbursal of AED48.5 million.
Prypco Blocks is a DFSA-regulated fractional real estate ownership platform that enables investors to digitally invest in rental properties from AED 2,000. It has already fully funded nine properties since its official launch and plans to add more real estate investment opportunities in the coming months.
Prypco Golden Visa assists clients in obtaining long-term residency in the UAE and managing the paperwork involved, while Prypco Exclusives, slated to be launched soon, gives real estate brokers access to secondary properties, with more than 250 listings across 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.”
Prypco’s gross merchandise value (GMV), which reflects the total sales volume, exceeds AED450 million, while revenue generated to date is over AED8.2 million.