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Saudi Arabia-based Munjiz, a cloud-based platform for property and real estate management, has raised a Series A investment worth $5 million (SAR 18.75 million).
The platform is led by undisclosed investors working in the facilities management, hospitality and tourism sectors. It also saw participation from Watiq Fund, Vision Ventures and Almajdiyah Investment Company. Wamda.
With the fresh capital, Munjz aims to increase the position of the start-up in Saudi Arabia, which it will do through the development of its asset management system (PMS) platform in the commercial sector by improving the automation of the management of institutions, by digitizing the operations of the management of institutions, and enhancing the user experience with the relevant parties.
The Munjz PMS platform connects all asset owners, facility managers, real estate users and operators on one platform.
Abdullah Aldaij, CEO of Munjiz, pointed out that in the near future, the company will host more customers from the residential and commercial sectors in Saudi Arabia and expand the number of units served by the PMS platform.
He also pointed out that the company is working on developing the product and adding new features to the stakeholders of the sector.
In the year Established in 2017, Munjz aims to provide repair services to individuals (home owners) through authorized service providers. To this end, he created a special technical market for repairs by bringing together the needs of customers with technicians and service providers.
The company changed its business model to Proptech SaaS in November 2021 to target the business sector to connect all properties in one place and facilitate property managers and owners to manage the property, connected facilities and operations with the property.
In its first year of production, Munjz shipped 4,000 units and registered 75 active corporate accounts.
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