Morocco’s Agenz secures $1.3 investment to transform the real estate market

Agenz, a Moroccan startup focused on digital real estate evaluation, has raised $1.3 million through a pre-Series A funding round. This investment will help the proptech startup fast-track its growth and transform the real estate market within the country by simplifying property deals for all those involved. 

The funding round involved the likes of Azur Innovation Fund, Maroc Numeric Fund II, and Beenok a foreign investment fund. Commenting on the significant investment, Agenz expressed gratitude for the investor’s willingness to support the company’s vision. It said, “The funds, one of the largest ever for a Moroccan start-up, testifies to investors’ confidence in the company’s vision and its ability to transform the real estate market.”  

Agenz was founded in 2021 by the duo of Malik and Badr Belkeziz as the pioneer online property valuation platform in Morocco. Its status as the first startup in that vertical, and ultimately a trailblazer, was among the reasons why the investors supported it in the funding round. It’s worth adding that Agenz’s use of emerging technology like artificial intelligence (AI) portrayed the startup as one destined to disrupt the market. 

Just like the founders of Egypt-based Masroofi, the impressive track record of Malik and Badr Belkeziz in the real estate and technology verticals played a major role in attracting investors’ interest. Their expertise was hard to ignore. Beyond possessing ample experience in their respective fields, the investors also liked the fact that the Belkeziz brothers entered into several partnerships with almost 1,000 real estate developers. 

Additionally, existing collaborations with the biggest Moroccan banks helped increase the startup’s reliability. Aside from providing future property owners with technology-driven estimation services, Agenz’s platform also offers property listings and a real estate credit facility. 

CEO and co-founder Malik Belkeziz shared insights into the startup’s next steps following the recent investment. According to him, Agenz would strive to speed up the time it takes for real estate deals to close. “Our aim from 2024 is to enable those who wish to do so, to access home ownership or sell their property within a maximum of 10 days, real estate financing included,” he said. 

Although this is Agenz’s highest funding amount, it has attracted funding previously. In 2021, it got $540,000 through a Seed round from Azur Innovation Partners. It used that for research and development (R&D) purposes to accelerate its service delivery throughout the country. 

Read also: Egypt fintech Masroofi raises $1.5 million for enhanced financial inclusion for children

MENA startups have raised nearly $2 billion this  year 

Although June wasn’t the best month for startups in the Middle East and North African (MENA) region, $1.6 billion has already been raised in 2023. This week, Egypt’s Masroofi raised $1.5 million. Last week, Morocco’s Chari, a B2B and e-commerce startup, got $1.5 million. 

Out of the $35.6 million generated by MENA startups, Saudi Arabia has $25 million. The United Arab Emirates and Egypt follow as second and third with $5 million and $4.8 million respectively. Foodtech ($20 million), logistics ($4 million, gaming ($3.4 million), fintech ($3.3 million), and mobility ($2.5 million) were the most invested segments in June. However,  it’s worth adding that while $1.6 billion is an impressive record halfway through the year, it’s a 21% decline from what the region amassed in the first half of 2022 ($2 billion). 

Female-led startups were the most hit by the drop in funding as it recorded an 88% decline. Last year, startups run by women raised a total of $48 million. This year, they’ve managed $5.6 million so far. Male-led startups did witness a drop in funding, though this is minor compared to their female counterparts. Male-run startups raised $1.89 billion by H1 2022. In H1 2023, the number dropped to $1.53 billion.