Munjz, a Saudi-based cloud platform for property and real estate management has announced the close of a $5 million (SAR18.75 million) Series A investment round.
Founded in 2017 by Eng. Abdullah AlDaij, Munjs was focused on providing maintenance services to individuals (homeowners) through approved service providers. However, in 2021, the startup pivoted into a Proptech SaaS with a new business model.
This new model targets the business sector by providing a technology platform that connects all properties in one place. The new platform enables property managers and proprietors to manage their property, associated facilities, and operations of the property in one place.
In its first year of launch, the startup has onboarded 4000 units and 75 active corporate accounts including big brands in the Saudi market such as Almajdiah Residence, MacDonalds, Dunkin Donuts, amongst others.
Munjz claims its PMS platform is the first Saudi platform in the field of facilities management that connects all property owners, real estate beneficiaries, facilities managers, and operators in one platform, to facilitate mutual business between them.
The startup will use this latest funding to deepen its penetration in the Saudi market through the improve its PMS platform and enhance the user experience for clients.
The round was led by one of the region's leading companies in the field of tourism, hospitality, and facilities management whose name was not disclosed, in addition to Vision Venture, Almajdiah Investment Company and Wathiq Fund.