Nomad Homes, a PropTech start-up that caters to clients in the UAE and France, has raised $20 million to fuel its expansion into new markets and strengthen its technological prowess.

The investment round, known as Series A funding, is co-led by 01 Advisors, an investment fund co-founded by Twitter’s former executives Dick Costolo and Adam Bain, and the New York-based investment firm The Spruce House Partnership.

Nomad will use the new funds to accelerate its expansion across Europe, the Middle East and Africa, specifically in southern Europe, the company said.

“The company will continue to invest heavily in its technology and offer additional products and services to offer a one-stop shop for everything related to the home,” it added.

Launched last year, Nomad pairs technology with local customer service experts who assist clients in buying or renting homes. It offers a customised home buying process from the initial search to financing and to the signing of the final agreement.

“We are particularly excited to continue investing in new FinTech products and pricing tools to further streamline the buying journey for our customers,” said Dan Piehler, co-founder and chief product officer of Nomad.

The company was founded by three friends – Mr Piehler, Helen Chen and Damien Drap – who bonded over their frustrations of finding a home in a new city.

The company is building a multiple listing service dedicated to the Emea region to offer home buyers the data to make the decision.

Despite the real estate market representing more than $20 trillion across the region, the market is still riddled with fake and duplicate listings and no pricing data to understand the true value of a home, Nomad said.

“The process of buying a home remains offline and with no buy-side agents, leaving potential home buyers without representation or support in what will likely be a consumer’s largest financial asset,” it added.