Nomad Homes raises $20 million to accelerate expansion. It wants to enter Portugal

  • ECO News
  • 29 September 2021

One of the tech startup's goals is to use the funding to accelerate its expansion in Europe, namely to Portugal.

Nomad Homes has just completed a Series A funding round worth $20 million (over €17 million). The investment round was led by 01 Advisors and The Spruce House Partnership. One of the tech startup’s goals is to use the funding to accelerate its expansion in Europe, namely in Portugal.

“Nomad Homes has built an incredible platform that is shaping the future of real estate across EMEA. What the team is building is increasing market liquidity and simplifying the consumer experience. We have invested in similarly transformative companies in the U.S. and are excited to partner with these founders and the entire team as they expand,” said Dick Costolo, managing partner of 01 Advisors, in a statement.

Founded by three friends, Helen Chen, Dan Piehler and Damien Drap, Nomad combines technology with local customer service experts to give buyers the confidence to buy their home.

“Buying and selling residential real estate is especially difficult across the EMEA region, where there are no Multiple Listing Services (MLS). Despite real estate representing more than $20 billion in the region, the market is still littered with fake and duplicate listings and no pricing information to understand the true value of a home. The process of buying a home remains offline and without agents on the buy-side, leaving potential buyers without representation or support in what is likely to be the consumer’s biggest financial asset,” explained the startup.

“We set out on a mission to simplify the most important personal and financial decision of your life. We believe that the combination of technology and a personalized consumer experience empowers our customers to purchase their home with extreme confidence. Much of this confidence comes from the MLS (Multiple Listing Services) that Nomad is creating, which provides homebuyers with the data and transparency to make that decision informed and safe. We are like a transactional Zillow, but in the EMEA region,” said Helen Chen, CEO of Nomad.

Nomad Homes currently operates in Paris and Dubai and will use the new funding to accelerate its expansion across EMEA, specifically in Southern Europe, including Portugal and Spain.