Prypco, a Dubai-based property technology (proptech) company, has raised $10 million in a seed funding round led by Shorooq Partners, with contributions from Apparel Group and other investors. The funding, completed in September 2024, will fuel the company’s plans to scale operations and expand its product offerings.
Amira Sajwani, founder and CEO of Prypco, expressed excitement about the partnership with Shorooq Partners, noting the significant value it brings to the company’s future growth. “We began as a bootstrapped venture, and while this investment is important, we’re particularly proud of the team we’ve built and the strong relationships we’ve fostered,” she told Zawya Projects during the agreement signing event.
Mahmoud Adi, founding partner at Shorooq Partners, praised Prypco for its relentless focus and execution. “Even while bootstrapped, Prypco has demonstrated itself as a reliable and credible business, consistently building and growing,” Adi stated during a joint interview.
The $10 million investment will primarily be directed toward supporting Prypco’s growth strategy, with the goal of achieving $250 million in Annual Recurring Revenue (ARR) by December 2027.
Business Verticals Driving Growth
Prypco operates across four key verticals: Prypco Blocks, Prypco Mortgage, Prypco Exclusives, and Prypco Golden Visa. The company’s mortgage arm has already facilitated over AED500 million ($136 million) in home loans, including a record single disbursement of AED48.5 million.
Prypco Blocks, a DFSA-regulated platform, offers fractional real estate ownership, allowing investors to digitally invest in rental properties starting from AED2,000. Since its launch, the platform has fully funded nine properties and plans to add more investment opportunities.
Prypco Golden Visa helps clients obtain long-term residency in the UAE, with over 600 visas issued to date, while Prypco Exclusives, an upcoming platform, will give real estate brokers access to secondary property listings, with more than 250 properties across 70 projects already onboarded.
Amira highlighted Prypco’s impressive market position, stating, “We are the second-largest mortgage broker in the UAE, and despite only launching our fractional ownership platform three months ago, we are already the third-largest in the UAE. We’re also the largest Golden Visa provider, operating at scale.”
Prypco’s Gross Merchandise Value (GMV) has surpassed AED450 million, with revenues exceeding AED8.2 million to date.
Resilience Amid Market Changes
While acknowledging the strong performance of the UAE real estate market, Sajwani expressed confidence in Prypco’s ability to navigate potential market slowdowns. She emphasized that the mortgage sector tends to thrive when markets slow down, as more customers seek refinancing opportunities due to lower interest rates. Additionally, Prypco’s fractional ownership platform is less dependent on local market conditions, competing more with global financial instruments like bonds.
“Dubai’s property yields have consistently remained above 7% from pre-COVID times to now, and fractional ownership returns range between 8% and 12%,” Sajwani said, adding that the firm will continue to focus on the UAE market, particularly Dubai, before exploring international expansion.
Leveraging Shorooq’s Expertise
Mahmoud Adi emphasized Shorooq Partners’ commitment to supporting Prypco through access to capital, strategic guidance, and business scaling insights. “We focus on providing the necessary capital for growth, helping founders build strong teams, and offering strategic insights that can help them navigate adjacent markets and emerging trends,” he said.
Shorooq Partners, known for its expertise in fintech, plans to leverage its network and experience to help Prypco reach its full market potential.
