Industry Updates

'SAMENA Daily' - News

Proptech Estater closes US$5 million Series A funding round

Bahrain-based proptech Estater has closed its Series A funding round, raising over $5 million. The round was led by undisclosed investors from Saudi Arabia and Bahrain.

Estater will use the fresh capital for advancing product development, growing the employee base, and enhancing necessary tech infrastructure. At present, the firm has over 50 employees, as per a statement shared by Wamda.

Founded by Mahmoud AlJarrah, Roobesh Modi, and Sanjay Goyal in 2009, Estater uses artificial intelligence (AI) to estimate the value of properties, facilitating its users to choose a property on a map and determine its valuation in an instant.

Over time, users can follow the selected property to track changes in its valuation. Over 100 features of the property are considered in generating the valuation, as per Goyal.

So far, the startup has already digitised relevant information for over two million houses in Bahrain, Riyadh, Kuwait, Khobar, Jeddah, and Dammam. "The valuation of these properties requires several hundred million calculations that are currently underway," said Goyal.

At present, Estater has over 100 clients comprising financial institutions, real estate and investment firms. In the past decade, it has delivered over 300 real estate studies across GCC countries.

“Estater is GCC's first company with its entire data on Geographic Information System (GIS) maps. Use of maps makes all applications highly interactive for users," said Roobesh Modi, Co-founder, Estater.

Currently, its various products are in the final stages of development.