Nomad Homes, the residential real estate listings marketplace operating in Europe and the Middle East, has successfully secured an additional $20 million in Series A extension capital, marking a significant milestone just two years after its initial $20 million Series A round.
This latest funding round was led by Acrew Capital and saw participation from both existing and new investors, including 01 Advisors, HighSage Ventures, Abstract Ventures, Partech, Precursor Ventures, Potluck Ventures, Knollwood, as well as several undisclosed hedge funds.
Founded in 2019 by Helen Chen, Daniel Piehler, and Damien Drap, Nomad Homes presently serves markets in France, Spain, Portugal, and the United Arab Emirates. The company has established an infrastructure akin to the Multiple Listing Service (MLS) in the United States, aimed at simplifying the complexities associated with buying and selling homes in these regions.
Together, these regions account for a staggering $2 trillion in annual sales transactions. Yet, the absence of a cohesive infrastructure often leaves buyers unsupported and agents working in isolation. Nomad Homes seeks to enhance the efficiency of real estate transactions in these areas.
In a strategic move made in February, the company introduced a business-to-business facet known as Nomad Agent. This innovative offering provides a platform for real estate agents to collaborate, fostering standardized commission sharing, and ultimately boosting their earning potential, according to CEO Helen Chen.
Chen explained, “While many proptech companies in our markets are downsizing and cutting back on services, we’re taking the opposite approach by launching Nomad Agent. Our company is performing exceptionally well, with a remarkable 6x year-over-year revenue growth, a 24x expansion since our Series A, and a team of over 100 professionals.”
The fresh infusion of capital will be dedicated to accelerating the development of Nomad Agent, expanding the company’s mortgage capabilities, and further enhancing its AI-powered co-pilot tool, which offers automated recommendations to buyers.
Nomad Homes has its sights set on achieving profitability by early next year. Chen emphasized the company’s strong financial position, noting that Nomad Homes already boasts a gross margin exceeding 80% and anticipates further growth, which will contribute to the path toward profitability.
