Dubai-based proptech startup Huspy has raised US$37 million in its series A financing round led by Sequoia Capital India. The latest raise saw Founders Fund and Fifth Wall make their debuts in the Middle East market.
The Huspy team/ Photo credit: Huspy
Investors including Chimera Capital, Breyer Capital, VentureFriends, Cotu Ventures, Venture Souq, and BY Venture Partners also participated.
Launched in 2020, Huspy aims to simplify the process of buying homes by providing users with a full-service property marketplace that connects buyers, property agents, and mortgage brokers on a single platform. Since its launch, the company has hit the US$2 billion-mark in terms of annualized gross merchandise value, which has been increasing by 25% every month.
Huspy will use the fresh funds to invest in tech development, double down on growth in the UAE and Spain, and expand across Europe.
The investment comes as demand for residential and industrial properties has increased, with the global real estate market recording a 59% growth in 2021 from a year ago. However, less than 1% of home purchases are completed through digital channels.
See also: Mapping the key players in Indonesian proptech
Huspy aims to solve the challenges that come across every stage of the home-buying process by using tech and the knowledge of industry experts.
In April 2021, the firm raised an undisclosed sum in its seed round led by Athens-based VentureFriends. Huspy said it was one of the largest seed rounds ever raised by a startup in the Middle East and North Africa.
Editing by Miguel Cordon and Joy Tirkey
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