UAE-Based Proptech Prypco Raises $10 Million in Seed Funding Led by Shorooq Partners
Prypco, a UAE-based proptech startup, has secured $10 million in a Seed funding round led by Shorooq Partners, with participation from Apparel Group and other investors. Founded in 2022 by Amira Sajwani, Prypco offers a unique approach to real estate ownership through its four business verticals: Prypco Blocks, Prypco Mortgage, Prypco Exclusives, and Prypco Golden Visa.
Funding to Drive Growth and Expansion
The $10 million funding round, completed in September 2024, will support Prypco’s plans to scale its operations and expand its offerings in the real estate market. The company, which started as a bootstrapped venture, has now partnered with Shorooq Partners, a leading venture capital firm in the region. According to Amira Sajwani, Prypco’s Founder and CEO, the investment will help accelerate the company’s growth and strengthen its market position. Sajwani emphasized that the partnership with Shorooq Partners adds strategic value to Prypco, stating, “We’re very proud of what we’ve built while being bootstrapped, but this investment is a game-changer that will support our next phase of growth.”
Prypco’s Strategic Business Verticals
Prypco operates across four key verticals, each designed to make real estate ownership more accessible and streamlined:
- Prypco Mortgage: This service helps individuals secure home loans. Since its launch, Prypco Mortgage has disbursed over AED500 million ($136 million) in home loans, including a record single mortgage disbursal of AED48.5 million. It is now ranked as the second-largest mortgage broker in the UAE.
- Prypco Blocks: A DFSA-regulated fractional real estate ownership platform, Prypco Blocks allows investors to own shares in rental properties for as little as AED 2,000. The platform has fully funded nine properties since its launch and plans to add more real estate investment opportunities in the near future.
- Prypco Exclusives: Scheduled for launch soon, Prypco Exclusives will provide real estate brokers access to a curated selection of secondary market properties, with over 250 listings across 70 projects.
- Prypco Golden Visa: Prypco helps clients obtain long-term residency in the UAE through its Golden Visa services. The company is the largest provider of these visas in the UAE, having successfully processed over 600 applications. This service is aimed at high-net-worth individuals looking for residency options through real estate investment.
Growth and Revenue
Prypco’s success in the market is demonstrated by its impressive financials. To date, the company has achieved a gross merchandise value (GMV) exceeding AED450 million, while its revenue has surpassed AED8.2 million. The company plans to continue on this growth trajectory, with a goal to reach $250 million in Annual Recurring Revenue (ARR) by December 2027.
According to Mahmoud Adi, Founding Partner at Shorooq Partners, Prypco’s ability to remain focused and deliver results even while bootstrapped was a key factor in their decision to invest. Adi stated, “Prypco’s resilience and strong execution in transforming traditional real estate with technology are what made them stand out. They’ve remained focused on building and growing, and this investment will help them accelerate their expansion.”
Future Plans
The $10 million investment will be used to drive Prypco’s organic expansion across its verticals and strengthen its position in the UAE’s real estate market. With Prypco Blocks, the company aims to democratize property ownership by allowing more people to invest in real estate at lower entry points. The company also plans to grow its mortgage business and enhance its Golden Visa offerings, helping even more clients secure long-term residency in the UAE.
