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$ 5 m “PropteX” Program aims to support startups, innovation
Paragon Developments has teamed up with Adeer International, PMaestro alongside their German partner, QNTF, to introduce “PropteX” which is designed to support PropTech companies in the Middle East and North Africa region.
PropteX – with initial investments at $ 5 million – focuses on making a significant impact on the real estate sector by developing workspaces and communities, providing resources and guidance for startups to become investment-ready, under the management of Startup Factory, a subsidiary of PMaestro.
The program aims to accelerate economic growth by supporting startups and fostering innovation in propTech. This investment is contributed by Paragon Developments, Adeer International, and PMaestro, with the goal of catalyzing the growth of propTech companies.
PropteX will provide support for startups in various areas, including digital transformation and propTech, in addition to business development services and consultations. This initiative aligns with Paragon’s strategy of creating smart and innovative cities and buildings that utilize IoT technology to control lighting, air conditioning, and other systems, contributing to energy efficiency and sustainable development.
Eng. Bedier Rizk, CEO of Paragon Developments, said “We are proud to participate in supporting the PropteX program, which enhances innovation and advancement in the propTech industry in the region. We believe in the importance of building smart and sustainable communities, and we are committed to achieving this by directing investments and supporting startups.”
He added “We are excited to be among the key partners of the program and are eager to see positive results from it, impacting the support of startups and accelerating the pace of propTech in the Middle East and North Africa, starting from Egypt.”
Eng. Bassel El Serfy, CEO of Adeer International, commented “Establishing the PropteX accelerator fund with an initial value of $5 million marks a significant milestone for Adeer International in the field of technological solutions. PropteX, a subsidiary of Adeer International, provides technological solutions for real estate in Egypt, Saudi Arabia, the GCC countries, the Middle East, and North Africa.”
El Serfy emphasized the importance of such programs in fostering innovation and creativity in propTech, especially in the era of smart and sustainable communities.
He expressed excitement about the new partnership, which is expected to enhance investments in digital transformation and real estate services technology, through the PropteX program.
Meanwhile, Engineer Mohamed Moneer El Ahwal, CEO of PMaestro, expressed his enthusiasm for PropteX and stressed the need for similar programs in Egypt, Africa, and the Middle East to promote innovation and creativity.
He added that the world is rapidly moving towards digitalization, especially in the real estate sector, creating numerous opportunities in Egypt for the growth of companies operating in propTech.
This partnership aligns with Adeer International’s strategic plan to invest in and support startups, providing resources and guidance to develop their capabilities to attract investments. Startup Factory, a subsidiary of PMaestro, will manage the program, and Adeer International aims to establish its own group of companies by 2025-2024 to manage its diverse projects while expanding into foreign markets.
Additionally, the company aims to form alliances with real estate development companies operating in the Egyptian market and expand into international markets.
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