A new initiative is set to accelerate the growth of the region’s property technology sector with the launch of the PropteX accelerator program. Backed by a $5 million fund, the program is a joint venture between Egyptian real estate firm Paragon Developments, Saudi-based Adeer International, and Egypt’s B-Maistro, alongside German co-founding partner QNTF.
Managed by Startup Factory, PropteX aims to provide proptech startups across the Middle East and North Africa with the resources, mentorship, and investment needed to scale their operations and become investment-ready. The program will focus on startups driving digital transformation and innovation within the real estate industry, with a particular emphasis on Egypt, Saudi Arabia, and the broader GCC region.
A Strategic Partnership to Foster Innovation
The collaboration brings together established real estate developers and technology experts to create a robust support system for emerging companies. The initial $5 million fund, contributed by Paragon Developments, Adeer International, and B-Maistro, will be deployed to fast-track the growth of promising proptech ventures.
Beyond funding, PropteX will offer business development services and strategic consulting to help startups navigate the competitive market. This initiative represents a significant step for its founding partners, particularly Adeer International, which marks its entry into technology solutions through this accelerator.
Fueling the Region’s Smart City Vision
The program aligns with the broader regional vision of developing smart and sustainable cities. Paragon Developments emphasized that its involvement is driven by a strategy to create innovative urban spaces and buildings equipped with the latest proptech solutions. The company specializes in constructing smart buildings that use Internet of Things (IoT) technology to control lighting and air conditioning, which can contribute to a 60% reduction in energy consumption and promote environmentally friendly infrastructure.
Bader Rizk, CEO of Paragon Developments, stated, “We are proud to participate in supporting the PropteX program, which promotes innovation and development in the region’s real estate technology industry. We believe in the importance of building smart and sustainable communities and strive to achieve this by directing investments and support to emerging companies.”
Leadership Perspectives on Proptech’s Future
The leaders of the founding companies expressed optimism about the program’s potential to transform the regional real estate landscape.
Bassel El-Serafy, CEO of Adeer International, commented, “Establishing the PropteX accelerator fund with an initial value of $5 million is a first step for Adeer International in the field of technological solutions. This partnership is an opportunity to exchange visions and ideas about the future of technology in the real estate sector, especially with the trend towards establishing smart and sustainable communities.”
Mohamed Monier Alahwal, CEO of B-Maistro, highlighted the market opportunity, saying, “The world is moving at an unprecedented speed towards digital fields, especially in the real estate sector, which creates numerous opportunities in Egypt for the growth of companies in the proptech industry. This motivates us to push PropteX towards qualifying promising local models for this highly competitive market.” He added that PropteX is part of B-Maistro’s larger vision to support corporate growth through digital transformation across various sectors in Egypt and the Arab world.
About PropteX
PropteX is a MENA-focused accelerator program and fund dedicated to supporting and scaling startups in the property technology (proptech) sector. Founded by Paragon Developments, Adeer International, B-Maistro, and QNTF, the program provides funding, mentorship, and business development services to early-stage companies aiming to innovate within the real estate industry.
Source: Al-Mal News
