Nomad Homes, a marketplace for residential real estate listings across Europe and the Middle East, closed on $20 million in Series A extension capital. This comes two years after securing a $20 million Series A.
Acrew Capital led the round and was joined by existing and new investors 01 Advisors, HighSage Ventures, Abstract Ventures, Partech, Precursor Ventures, Potluck Ventures, Knollwood and several undisclosed hedge funds.
Nomad Homes, co-founded by Helen Chen, Daniel Piehler and Damien Drap in 2019, currently operates in France, Spain, Portugal and the United Arab Emirates. They created an infrastructure, similar to the Multiple Listing Service in the U.S., for countries where the buying and selling of homes is complicated.
These regions account for some $2 trillion of sales transactions per year, however, the absence of an infrastructure to guide seamless transactions leaves buyers unrepresented and agents that don’t work together. Nomad aims to improve the efficiency of real estate transactions.
Nomad Homes’ Nomad Agent product. Image Credits: Nomad Homes
In February, the company added a business-to-business component called Nomad Agent, which provides a network for real estate agents to collaborate with one another and standardize commission sharing to boost earning potential, CEO Chen told TechCrunch.
“A bunch of prop techs in our markets and in our space are shrinking and closing business lines, but we’re actually doing the exact opposite by launching Nomad Agent,” Chen said. “Our company has been, overall, doing incredibly well. We’ve been growing revenue 6x year over year, and we’ve grown 24x since our Series A and have grown to a team of over 100.”
The new funding will be used to accelerate the build-out of Nomad Agent, expand the company’s mortgage capabilities and further build out its AI-powered co-pilot tool for buyers to provide automated recommendations.
Up next, the company is planning to reach profitability by early next year, with Chen noting that Nomad Homes’ “gross margin is already above 80% and forecasted to increase, which is helping to drive our path to profitability.”