Huspy, a proptech business with offices in Dubai, has secured $37 million in a series A fundraising round that was overseen by Sequoia Capital India. Founders Fund and Fifth Wall made their debuts in the Middle Eastern market during the most recent fundraising.
Chimera Capital, Breyer Capital, VentureFriends, Cotu Ventures, Venture Souq, and BY Venture Partners were just a few of the investors who took part.
Huspy, which will be available in 2020, would unite buyers, real estate agents, and mortgage brokers on a single platform in an effort to streamline the home-buying process. Since its founding, the company’s annualized gross merchandise value, which has been rising by 25% per month, has surpassed the US $2 billion milestone.
Huspy will utilize the additional funding to invest in technological advancement, accelerate expansion in the UAE and Spain, and broaden operations throughout Europe.
The investment comes at a time when there is a greater demand for residential and commercial real estate, with the global real estate market growing by 59% in 2021 compared to the previous year. Digital methods are used to complete fewer than 1% of house sales, nevertheless.
Huspy uses technology and the expertise of industry professionals to address the issues that arise at each stage of the home-buying process.
The company’s seed round, which was headed by VentureFriends of Athens, raised an unknown amount in April 2021. One of the largest seed rounds ever funded by a business in the Middle East and North Africa, according to Huspy.