Thursday 18 July 2024

Tabbara, Manar and Mansour

Realty fintech platform Stake secures $14m in Series A funding

DUBAI, June 10, 2024

Stake, a leading digital platform for realty investment, has raised $14 million in funding to propel business as it enters Saudi Arabia this year offering individuals outside of the kingdom the opportunity to invest in Saudi real estate. 
The Series A funding was led by MEVP (Middle East Venture Partners), along with Aramco's Wa'ed Ventures, one of Saudi Arabia’s largest VC’s, Mubadala Investment Company, Abu Dhabi’s Sovereign Investor, Al Jomaih Holding, one of Saudi Arabia’s largest family conglomerates, and Republic, a leading US-based private investing platform. 
Stake has been making headwinds in the Dubai real estate space over the past 3 years, amassing over 500,000 users, with its eyes now set on Saudi Arabia. The kingdom is a key market for both regional and international investors and presents vast growth opportunities for real estate fintech companies such as Stake. 
Investor pool
The funds will also be allocated to expanding its fast-growing investor pool, bringing new investment opportunities on the platform and scaling a world-class team to build out its globally renowned, market leading product. 
Co-Founder & Co-CEO of Stake, Rami Tabbara, noted how the new funding will enable Stake to continue scaling its presence in the UAE, while launching in Saudi Arabia. "We are grateful to have a top-tier group of investors backing this funding round and placing significant trust in Stake and the future we are building. Having them onboard fortifies our commitment to expanding our product offerings and providing our investors with prime investment opportunities. We believe that the Real Estate investment process needs to be fully digitised and we have only started scratching the surface in our vision of making real estate accessible, transparent, borderless, and liquid,” he said. 
Co-Founder & Co-CEO of Stake, Manar, said: “KSA is forecast to grow by 6% in 2025 making it one of the fastest growing G20 economies in the world. We want to give both our local and international users the opportunity to invest early and participate in that growth. This raise marks a significant moment in our journey, as we expand into this dynamic new market and partner with amazing new shareholders, including some of the strongest institutional and sovereign investors in the region, to advance our mission of empowering everyone to own and build wealth through real estate.”
Truly innovative
Walid Mansour, Co-founder & Co-CEO of MEVP, said: "We're thrilled to be backing Stake in their Series A round. What they have achieved in the past 3 years is nothing short of incredible. Their approach to real estate investment is truly innovative and we believe that their talented team, combined with our strategic funding, will propel them to greater success in the region."
Fahad Alidi, Managing Director at Wa’ed Ventures, said: “We are excited to support Stake as it expands into the Saudi market, allowing a broader range of investors to diversify their portfolios with high-potential rental properties. The team, led by Rami, Manar and Ricardo, continues to reshape the real estate market, democratising access to an asset class traditionally reserved for high-net-worth individuals.”
Since its launch in 2021, Stake has redefined the Dubai real estate market, allowing global investors to engage in fractional ownership with an entry point as low as AED500 ($136.13). With over 200 properties worth AED355 million sold via its app and over 50% of their investors coming from outside of the UAE, the company is leading a wave of transformation within Mena’s financial and real estate landscape. In May 2024, Stake surpassed 100,000 transactions on the platform.
Earlier this year, Stake was recognised as a Rising Star by the Deloitte Technology Fast 50 list across the Middle East. Further fuelling its growth and expansion, Stake also recently announced a strategic partnership with Republic, a US-based unicorn investment platform to offer investors in the US and UK unprecedented access to the booming real estate market in the UAE and Saudi Arabia. Stake is regulated by the Capital Markets Authority in Saudi Arabia.--TradeArabia News Service


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