Real estate tech start-up Xplor raises $3m in funding
Real estate software tech start-up Xplor raised $3 million in funding in a round led by Ayana Holding as it looks to further grow its operations in the region.
Xplor, founded in 2015, provides a master-planning software that covers all aspects of the business including marketing, sales, leasing, and facilities management, helping developers reduce capital expenditure.
It also helps investors choose properties and allows them to assess minute details such as its infrastructure, amenities, floor plans, and a 3D exterior and interior model of a property.
"Although digital transformation has been on the agenda of many businesses for years, the Covid-19 pandemic has expedited its adoption across industries including real estate," said Can Turkan, founder of Xplor.
"We are confident that the fresh funding will incentivize our pursuit of innovations and further enable us to create a meaningful impact on the regional real estate industry."
The real estate sales in the region were affected in the first half of 2020 after the pandemic-induced movement restrictions hampered in-person visits by prospective buyers. However, that has led to a growth in tech firms facilitating online viewings.
Xplor is partly tapping into this segment, allowing investors to get a feel of the properties through its 3D models.
“Most real estate investors will make a decision after seeing it in person, but this software truly outdoes that experience,” Mr. Turkan said.
The UAE's property market is expected to grow on the back of an economic recovery and higher oil prices, according to a recent report by Cavendish Maxwell.
“Investors in real estate markets throughout the UAE have three good reasons to feel more optimistic about the year ahead,” Julian Roche, chief economist at Cavendish Maxwell said in the Q4 2020 UAE Property Market Report.
“Property Monitor data from Q4 2020 has been encouraging throughout the Emirates and across virtually all sectors [of the property market].”
Source: The National News