UAE proptech group Huspy secures fresh round of investment
DUBAI, May 22, 2024
Huspy, a property technology company headquartered in the UAE, with operations in Dubai, Abu Dhabi and Madrid, has announced that it has raised a funding round led by Balderton Capital, with further participation from existing investor Fifth Wall, amongst other investors.
This round of funding is at a considerably higher valuation than its 2022 Series A which raised $37 million and was led by Peak XV (formerly Sequoia Capital India & SEA).
This newly announced strategic investment marks a pivotal moment in Huspy’s journey to build a Super App for real estate, revolutionizing the way people buy properties across MENA and Europe.
Launched in 2020, Huspy has rapidly transformed the real estate landscape; becoming the UAE’s largest mortgage provider within its first year of operations, today facilitating more than 25% of all residential mortgages in Dubai. Huspy today offers end-to-end home buying and selling services in the UAE and Spain.
The company has also aligned its ambitions with those of the UAE, by attracting top talent to the region and innovating within the sector; Huspy has brought in over 200 professionals to the UAE from over 40 countries, bolstering the regional talent pool.
In addition, Huspy has attracted capital from some of the world’s most renowned venture capital firms, such as Peak XV (formerly Sequoia Capital India & SEA), Founders Fund, Balderton Capital, Fifth Wall, Breyer Capital, VentureFriends, B&Y Venture Partners, COTU Ventures, VentureSouq and others.
Building on this success, Huspy expanded its offerings to products covering everything related to real estate, streamlining the entire home buying process from property search to financing and beyond, said its top official.
"Over the last three years, we've established a strong and defensible business in the UAE and we believe we have the foundations today for a European and Middle Eastern expansion. We are incredibly happy to partner with Balderton Capital, to focus on a European rollout," remarked its CEO and Co-founder Jad Antoun.
"The goal for Huspy remains the same as day zero, to build a category-defining business in this space in Europe and the Middle East and we believe we’re in a prime position to achieve that," he added.
To date, Huspy has processed over AED22 billion in home transaction value, helping more than 13,500 people achieve their dream of homeownership.
Balderton Capital leading this funding round is particularly noteworthy, as a validation to Huspy’s position in Europe.
"We are excited to be partnering with the Huspy team to help scale the company in Europe. Offering a holistic real estate platform that connects all stakeholders, Huspy's product has been thoughtfully designed to tackle major pain points and act as an operational cockpit for brokers and agents," remarked Rana Yared, the General Partner of Balderton Capital.
"Jad and the team bring exceptional ambition and deep market expertise, and we look forward to this next chapter as Huspy enters the European stage," he added.
Fifth Wall, the largest asset manager focused on improving, future-proofing, and decarbonising the built world, as well as other investors have reconfirmed their confidence in the company, increasing their investments in Huspy.
Miguel Nigorra, Partner & Head of Europe at Fifth Wall, said: "We continue to see significant opportunities to disrupt the real estate market in EMEA."
"We believe Huspy’s industry-leading management team, strong investor base, and end-to-end offering brings a much needed, differentiated value proposition for the market’s brokers," he added.-TradeArabia News Service
