Dubai-based proptech firm Prypco secures investment from Shorooq Partners and Apparel Group, aiming for significant expansion.
PC: Zawya
The proptech startup, Prypco, working in Dubai, managed to attract $10 million in seed funding led by Shorooq Partners and other participating investors, including Apparel Group. The fund announced the seed round it had sealed back in September 2024, which it would implement for scaling the business further. For a two-year-old firm, Prypco looks set for ambitious growth targets.
For Amira Sajwani, founder and CEO of Prypco, Shorooq Partners’ investment holds significant importance. The value they bring is more than just the hard cash. “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 said while signing an agreement with Zawya Projects.
Support for Tech-Driven Growth
Mahmoud Adi, founding partner at Shorooq Partners, liked Prypco’s emphasis on using technology to disrupt old-school industries. “I like how they set their eyes on old industries and how they are willing to experiment with those,” he said during a joint interview with Sajwani. “Their focus is on execution. They are very consistent, even during a bootstrapped phase.”
The newly acquired $10 million will mainly be used to continue the growth of Prypco and expand organically. According to Sajwani, the company aims to become a $250 million ARR (Annual Recurring Revenue) business by December 2027, which would place it at a powerful growth position within UAE’s competitive proptech landscape.
Diverse Business Verticals
Prypco is operating in four key verticals today: Prypco Blocks, Prypco Mortgage, Prypco Exclusives, and Prypco Golden Visa. Each one helps forward the company’s overall strategy.
Prypco Mortgage is a home loan facilitator, with total disbursals reaching AED 500 million ($136 million) since its launch, which includes an all-time single mortgage disbursal amounting to AED 48.5 million. It has emerged as one of the largest mortgage brokers in the UAE.
Prypco Blocks, a regulated platform, lets investors buy ownership in rental properties digitally with a minimum investment of AED 2,000. Already, nine properties have been fully funded; many more such opportunities are set for real estate investment.
The Prypco Golden Visa service helps clients receive long-term UAE residency and handles all the paperwork. To date, this has helped secure more than 600 visas and put Prypco at the top of all Golden Visa providers at scale in the region.
Prypco Exclusives, scheduled to be launched soon, will make secondary properties available to the real estate brokers, with more than 250 listings across 70 projects. This new vertical is expected to further cement the company’s position in the UAE real estate market.
Strong Growth Metrics
The GMV illustrating Prypco’s growth curve has gone well over AED450m. Currently, the company has accrued more than AED8.2m in revenues since inception, and coupled with this latest funding round, Prypco continues to surge ahead at a rapid pace in the company’s diversified business lines.
With this multi-pronged approach toward innovation and constant emphasis on innovation in the real estate industry, it will further strengthen its market position as a proptech leader in the UAE.
