Exclusive: Fashinza Cofounder’s Proptech Startup Marrfa Bags Funding From Germany’s Foundamental, Others

Fashinza cofounder Jamil Ahmad’s proptech startup Marrfa has secured an undisclosed amount of funding in a pre-seed round led by Berlin-based VC firm Foundamental.

Prashant Malik, general partner of US-based investment firm Tykhe Block Ventures, also participated in the round as an angel investor. 

Ahmad told Inc42 that the capital will be used for expansion across the UAE, Singapore, and Europe, tech innovation, and to hire talent across the geographies the startup operates in. 

Founded by Ahmad, Marrfa is a full-stack, managed real estate marketplace that aims to democratise access to high-yield real estate investment opportunities worldwide. 

The Dubai-based startup claims to provide exhaustive information about lucrative real estate opportunities to retail investors via its platform to help them make informed decisions about investing in the unstructured cross-border investments market.

Commenting on the growth plans of the startup, Ahmad said, “Marrfa is on a mission to unearth the potential of niche real estate markets and provide retail investors worldwide with unparalleled access…We are dedicated to ensuring that high-yield investments become accessible to all, addressing the intricate challenges of the $270 Bn unstructured cross-border real estate market.”

The startup aims to build a robust network of agents and launch a discovery platform where foreign investors can get access to loans from the Gulf Cooperation Council (GCC) countries. 

Ahmad believes his experience of cofounding and scaling Fashinza will help him simplify the cross-border investment flow in real estate. 

It is pertinent to note that Ahmad stepped down from the role of cofounder and chief business officer of B2B marketplace Fashinza in January this year after a nearly four-year stint. 

Earlier this month, Inc42 reported about the launch of his new startup. Back then, Ahmad said that the startup would initially operate across India and the UAE. But in the next two years, it is aiming to expand across Singapore and Europe.

With the launch of the new startup, Ahmad has joined the growing list of startup founders who are stepping down from their roles to start a new venture.