Smart Crowd, a new real estate crowd investing platform is just closed a Seed Funding round with $600,000 from Shorooq Investments, followed by Abaxx Technologies, 500 Startups, and other high-level strategic individual investors.
Shane Shin founding Managing Partner of Abu Dhabi headquartered Shorooq Investments commented on the Investment saying: “Shorooq Investments is excited to lead the Series Seed financing round of Smart Crowd and join this grand journey with such a strong, dedicated group of founders: Siddiq, Musfique and Abdul Kadir. The real estate crowdfunding platform has already revolutionized how real estate investments are done in mature markets like the US and Europe, influencing millions of peoples’ lives and their real estate savings.”
Mahmoud Adi, Shorooq’s Founding Partner states that the startup Smart Crowd solves two underlying pain points in a real estate investment, which are the requirement of significant lump-sum cash and the relatively long holding period and illiquid market. “By enabling clients to invest in a property for as low as AED5,000, Smart Crowd is fulfilling people’s dreams of investing in homes and encouraging everyone to start saving now versus waiting to get a huge amount of capital which can take decades. We are confident the region now needs an innovative solution like Smart Crowd and is ready to wholeheartedly embrace this platform,” Mahmoud says.
Smart Crowd Co-Founder Siddiq Farid says: “We are on a rapid and exciting growth journey of democratizing real estate ownership. We are excited to have the backing of both regional and global investor this early in our growth cycle, demonstrating our team’s ability to execute on big ideas. The fundraising will allow us to accelerate our growth and continue to invest in our revolutionary technology. We are particularly proud to have Shorooq as our lead investor who believed in us early on and supported us throughout the funding round.”
For more information about the investment, read here.