Saudi Arabia-based Munjz closes $5M Series A round
Munjz's funding round was led by an undisclosed investor working in the field of facilities management, hospitality, and tourism, along with Wathiq Fund, Vision Venture, and Almajdiah Investment Company.
Saudi Arabia-based Munjz, a cloud-based platform for property and real estate management, raised a Series A investment worth $5 million (SAR 18.75 million).
The funding round was led by an undisclosed investor working in the field of facilities management, hospitality, and tourism. It also saw participation from Wathiq Fund, Vision Venture, and Almajdiah Investment Company, as per a press release shared by Wamda.
With the fresh capital, Munjz aims to enhance the startup's position in Saudi Arabia, which it will do through the development of its property management system (PMS) platform for the business sector by improving the automation of facilities management work, digitising facilities management operations, and enhancing the user experience with relevant parties.
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Munjz's PMS platform connects all property owners, facilities managers, real estate beneficiaries, and operators on one platform.
Abdullah AlDaij, CEO of Munjz, noted that in the immediate future, the company will cater to more customers in Saudi Arabia from the residential and commercial sectors, and expanding the number of units served by the PMS platform.
The company is working towards developing the product and adding new features to cater to the sector's stakeholders, he added.
Established in 2017, Munjz aimed to provide individuals (homeowners) with maintenance services through approved service providers. For this, it created a specialised technical market for maintenance, bringing together the customers' requirements with technicians and service providers.
The company transformed its business model to a proptech SaaS in November 2021 to target the business sector by providing a tech platform to connect all properties in one place and facilitate property managers and proprietors to manage the property, linked facilities, and operations to the property.
In the first year of its product launch, Munjz onboarded 4,000 units and recorded 75 active corporate accounts.
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Edited by Suman Singh