Moroccan Proptech Agenz Raises $1.3M to Scale its AI-Powered Real Estate Platform
Agenz, a Moroccan startup specializing in online real estate evaluation, has secured an investment amount of 13 million dirhams (US$1.3 Million) through a pre-Series A financing round. This round attracted notable investors, including Azur Innovation Fund, Maroc Numeric Fund II, and Beenok, an international investment fund. The substantial funding raised by Agenz underscores the investors’ confidence in the company’s vision and its potential to revolutionize the real estate market in Morocco.
The record investment will enable Agenz to accelerate its growth and revolutionize the real estate sector in Morocco by enhancing its service offerings and making real estate transactions more accessible and efficient for all stakeholders.
Reasons for the Investment
Investors backed the startup for several reasons. Agenz is the first online real estate estimation platform in Morocco, which positions it as a pioneer in the market. The innovative nature of their platform, coupled with their use of artificial intelligence, indicates the potential for significant disruption in the real estate sector.
read also Morocco’s Chari Secures $1.5M to Drive Growth and Transform Morocco’s Retail Landscape
Additionally, Agenz’s rapid growth and market traction played a crucial role in instilling confidence in the investors. With over 150,000 monthly users and 5,000 new property estimations generated per month, the start-up has showcased its appeal to a wide range of customers in the Moroccan real estate market. Investors view this demonstrated success as a strong indicator of Agenz’s potential to capture a substantial market share and achieve long-term sustainability. Furthermore, the accuracy of their online estimations, boasting a margin of error of only 5%, has fostered trust among users and instilled confidence in investors regarding the reliability of Agenz’s offerings.
The presence of founders, Malik and Badr Belkeziz, with a proven track record in the real estate and technology sectors, significantly also influenced the investors’ decision. The Belkeziz brothers’ expertise and commitment to building a comprehensive real estate database, coupled with strategic partnerships, instilled confidence in the investors regarding the company’s ability to execute its ambitious goals.
Agenz’s strategic partnerships with a network of nearly 1,000 real estate agencies and developers, along with established collaborations with major Moroccan banks, have further enhanced its credibility and market reach. These partnerships position Agenz to offer a comprehensive real estate experience to its users, featuring a wide selection of properties across Morocco and simplified access to real estate financing. The potential for a smoother buying and selling process, especially catering to the needs of the middle class, aligns with the investors’ interest in fostering inclusive growth and expanding the real estate market. Agenz’s commitment to transparency and its ambitious goal of facilitating property ownership and sales within a maximum timeframe of 10 days have also resonated with investors, especially considering the potential impact on the Moroccan real estate market.
A Look at Agenz
Founded in 2021 by Malik and Badr Belkeziz, Agenz quickly gained prominence as the first online real estate estimation platform in Morocco. The start-up’s innovative use of artificial intelligence for precise estimations, backed by a robust database and analyzed market data, has made it a reference point for property buyers and sellers across Morocco. Agenz’s platform, agenz.ma, offers a comprehensive real estate experience, encompassing not only estimation services but also curated property listings and access to real estate credit.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard