In June 2022, proptech startup Huspy raised one of the largest Series A funds round the Middle East has ever seen, raking in $37 million from global and regional investors, including Sequoia Capital India, the Founders Fund, Fifth Wall, Chimera Capital, Breyer Capital, Venture Friends, COTU, VentureSouq, and BY Venture Partners. As of November 2022, the company had raised more than $45 million.
This is an impressive accolade considering that Huspy was launched less than three years ago in the U.A.E. in the second half of 2020, in the midst of a global pandemic and national lockdowns. But Jad Antoun, cofounder and CEO of Huspy, had already spent some time zeroing in on his idea to digitize property buying. "Real estate is the largest asset class in the world, the biggest market size available. The opportunity is tremendous," he explains. "But still, in this asset class, we don't have an equivalent to Amazon or Facebook or Google, even though the market is already there. And we believe that we're in a good position to create a new category, at least in EMEA." The U.A.E.'s real estate market has been booming in recent years. According to JLL, in the U.A.E.'s residential sector, around 6,500 units were added to Dubai's stock in Q2 2022 while in Abu Dhabi nearly 1,300 units were completed. Demand remains strong for prime residential properties, especially across waterfront developments. In Dubai, property prices and rents increased 11% and 19% respectively in Q2 2022 compared to the same period in 2021.
Proptech companies are not new in the region-leading players propertyfinder.ae and Bayut.com were launched in 2007 and 2008, respectively.
This story is from the December 2022 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 2022 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Reasons To Seek Adventure
Whether it’s the exhilaration of free-falling out of the sky or the thrill of being immersed among the shark-filled reefs of the Indian Ocean, adventure enthusiasts are drawn by the allure of life-changing experiences. Here are some reasons why.
THE MIDDLE EAST'S 30 MOST VALUABLE BANKS 2024
MENA’s banking sector has shown resilience over the last year, supported by higher interest rates and oil prices.
INVESTING AT YOUR FINGERTIPS
Ahmad Hammouda and Seif Amr, Cofounders of Egypt-based digital investment platform Thndr, are facing competition from brokerages and investment banks to democratize investing. Having seen exponential growth in four years, they’re now looking at expanding to the U.A.E. and Saudi Arabia.
THE MIDDLE EAST'S FINTECH 50
Despite a sharp decline in funding in 2023, the Middle East’s fintechs have embraced new technologies and expansion and remained resilient in the face of challenges such as high interest rates and geopolitical uncertainties.
A Destination Beyond Expectations
Madrid, Spain’s vibrant capital, pulsates with energy and visitors are invited to unwind a rich tapestry woven with history, art, gastronomy, and natural beauty.
LEANING IN
Hisham Al-Falih, Ashu Gupta, Aditya Sarkar, and Mehdi Tazi, Cofounders of Saudi-based Lean Technologies, have created one of the region's leading third-party regulated open banking platforms with $37 million in funding. Now, they're planning another funding round and expansion across key markets.
A Blueprint For Sustained Growth In The World Of EPC
NMDC Group demonstrates how strategic foresight, robust financial growth, and a commitment to sustainability and innovation are fueling its ongoing expansion and diversification in the EPC industry.
A Red Sea Escape That Has It All
From family fun to fine dining and comfortable workspaces, there is something for everyone at the stunning Zouni Beach in El Gouna, Egypt.
TRADITION TO INNOVATION
Ahmed Wadi, Founder and CEO of Money Fellows, Egypt’s biggest ROSCA platform, has been addressing the cash-centric country’s financial challenges by digitizing traditional money circles. Now, he has even bigger plans.
Seventy-Five Years Of Fashion Influence
Gedeon Group has long been at the forefront of fashion retail in the Middle East and Africa, and with the third generation now at the helm, the business is continuing its legacy into the future.
