We Got Funded: UAE-Headquartered Property Finder Raises US$120 Million Property Finder, a MENA real estate classifieds portal, has closed a US $120 million funding round.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Property Finder

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.

Related: Breaking Ground: Propertyfinder Group Founder And CEO Michael Lahyani

Side Hustle

'My Brain Thrives on Variety': His Side Hustle Inspired By 'The 4-Hour Workweek' Led to $600,000 in 16 Months

Mark Hellweg, 42, knows what it takes to start a business "with a fraction of the capital."

Starting a Business

Lies, Damn Lies and Statistics About Entrepreneurs

A refreshingly objective perspective on what it takes for startups and small businesses to make it and the percentage that actually do.

Women Entrepreneur®

PRYPCO Founder Amira Sajwani Goes All In When Betting On Herself (And She Urges You To Do The Same)

PRYPCO is a UAE-based proptech firm on a mission to "change the rules of the real estate game."

Thought Leaders

Need More Confidence? These 10 Bestselling Books Will Help Improve Your Self-Esteem

Self-esteem can be hard to come by and even harder to maintain. To give yourself a boost, try these authors' words of wisdom.

Business News

'Really Hard to Find a Job': 1.7 Million Job Seekers Have Been Looking for Work for at Least 6 Months

It now takes an average of around six months to find a job, one month longer than it did it 2023.

Career

12 Good Reasons to Explain Why You Left a Job During an Interview

Not sure what to say when asked why you left your last job? Check out these reasons so that you have a great answer on your next interview.