, a GCC PropTech platform for real estate, has announced the closure of its Series A round of funding on March 14, 2023, with more than $5 million capital raised.

Sanjay Goyal, one of the founders of the company, said the company was able to get strong backing from several prominent families based in Saudi Arabia and Bahrain.

“The company has unique Automated Valuation Models (AVMs) which are New Age property valuation tools. These tools allow any user to select a property on a map and generate valuation on a click,” he said.

“Users can follow the property to track changes in the valuation over time and more than 100 features of the property are taken into account to generate the valuation.

“Relevant information is already digitised for more than two million houses in Riyadh, Khobar, Dammam, Jeddah, Kuwait and Bahrain and the valuation of these properties requires several hundred million calculations that are currently underway,” he added.

Estater is a PropTech company that specialises in real estate data and use of cutting-edge Data Science and Artificial Intelligence (AI) models in the development of consumer and enterprise applications, said company co-founder from Kuwait Mahmoud Al Jarrah.

“There are enterprise applications that the company calls Market Intelligence (MI). These applications provide granular and timely information about various real estate sectors.

“Data on hundreds of retail malls, office space and logistics hubs can be accessed by enterprise users through these applications,” Mr Al Jarrah added.

Meanwhile, another co-founder Roobesh Modi said the company is the first one in the GCC region to have its entire data on Geographic Information System (GIS) maps, which makes all applications highly interactive for users.

“Estater is a unique advanced technology driven revolution in real estate which brings the science of GIS World, real estate, data science, 3D and technology clubbed together to democratise, solve the issues of millions of users to get valuation (Estater Metre) and market information driven analytics (Market Intelligence)”.

The deal was spearheaded by Bahrain-based investment company Blacksand Real Estate and various products are in the final stage of development, expected to be released in the next couple of months.

“I am very optimistic about the expansion of Estater’s business in Saudi and the UAE in the coming years,” Blacksand chief executive Mohamed Al Shaikh said, adding that legal firm Trowers & Hamlins was engaged to complete the deal structure and relevant contracts.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (