We Got Funded: UAE-Headquartered Property Finder Raises US$120 Million
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Property Finder, a real estate classifieds portal operating in eight MENA markets and Turkey, has announced raising its latest round of investment of US$120 million.
The round was led by General Atlantic and also included participation from existing shareholder, Vostok New Ventures Ltd. As part of the transaction, Chris Caulkin, Principal and Head of Technology for EMEA at General Atlantic, will be joining Property Finder’s Board of Directors.
The real estate classifieds portal has approximately six million monthly visits on its platform, ranking among the top classified portals in each of the countries in which it operates- the United Arab Emirates, Qatar, Bahrain, and Lebanon, including growing market share in Egypt, Saudi Arabia, Morocco, and Turkey.
The company was founded in 2007 as Al Bab World after the founder and CEO Michael Lahyani identified a gap in the region's property advertising space. Reportedly, its previous funding rounds include Australia’s REA Group, a subsidiary of News Corp, acquiring 51% of the company which Lahyani bought back in 2009, regaining 100% control of the business; an investment by Dany Farha, co-founder of BECO Capital, in 2012; and raising $20 million in capital from Sweden-based Vostok New Ventures in 2016.
Today, Property Finder is valued at close to $500m, according to Lahyani. It employs more than 450 people across eight countries and delivers over 800,000 monthly inquiries to its customers.
“This is a major milestone not only for our company, but also for the tech industry and entrepreneurs in the region," Lahyani commented in a press release. "This new capital will continue to support our mission of bringing more transparency and information to the six million property seekers visiting our platform each and every month and to deliver the best leads and market data to real estate agents and developers. I'm excited for the next growth phase of the business and for all the improvements we can bring to property buyers, renters and sellers."
Property Finder stated that a part of the funds will be used to enhance its product offering, including building innovative products which provide greater transparency, effective data and an overall better experience for property seekers along their real estate journey.