GCC-based PropTech company Estater has announced the close of its $5 million Series A funding round.
The company specializes in real estate data and uses cutting-edge Data Science and Artificial Intelligence (AI) models to develop consumer and enterprise applications. The company has also developed Automated Valuation Models (AVMs), which allow users to generate property valuations with a click.
Estater has a flourishing real estate consultancy business, with more than 100 clients, including financial institutions, real estate companies, and investment companies. The company has delivered more than 300 real estate studies across GCC countries in the last ten years.
The new capital will be used for accelerated product development, employee growth, and boosting the necessary technology infrastructure to cater to prospective clients. Estater currently has 50+ employees at multiple locations, and the company is expected to release its various products in the next couple of months.
Estater also offers enterprise applications that provide granular and timely information about various real estate sectors. These applications, called Market Intelligence (MI), allow enterprise users to access data on hundreds of retail malls, office spaces, and logistics hubs.
Relevant information is already digitized for more than two million houses in Riyadh, Khobar, Dammam, Jeddah, Kuwait, and Bahrain. The company is currently using several hundred million calculations to generate valuations of these properties, taking into account over 100 features of the property.
According to Estater's co-founders, the funding round received strong backing from several prominent family groups from Saudi Arabia and Bahrain.