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Founders Fund Makes First Investment in the Middle East with Huspy Deal
In a significant move, Founders Fund, a prominent venture capital firm, has made its first investment in the Middle East by backing Huspy, a UAE-based proptech startup. The $37 million Series A round is one of the largest at this stage in the MENA (Middle East and North Africa) region.
Sequoia Capital India, led the round, with participation from Fifth Wall, the largest VC firm backing real estate and proptech startups. Existing investors from Huspy’s undisclosed seed round last April, including Breyer Capital, VentureFriends, COTU, BY Venture Partners, and VentureSouq also contributed to the round.
About Huspy
Huspy is a fast-growing proptech startup that has revolutionized the home-buying and financing experience in the MENA region. With its innovative platform, Huspy offers a seamless and efficient way for buyers to find their dream homes, while providing lenders with a robust and data-driven approach to mortgage broking.
The company’s team consists of talented individuals previously from Loft, QuintoAndar, and Uber, spread across Dubai and Madrid. With its strong value proposition and market-leading position in the UAE, Huspy is poised for further expansion into new markets.
Expansion Plans
With the fresh funding, Huspy plans to double down on growth across the UAE and Spain, two markets with a total addressable market of $13 billion. The company aims to move into other parts of Europe, even as it invests in technology development to cater to future demand.
GV Ravishankar, Managing Director at Sequoia Capital, said: "In a short span of time, the company has demonstrated its strong value proposition for the real estate ecosystem and has become the market leader in mortgage broking in the UAE with healthy unit economics."
Market Opportunity
The proptech sector is rapidly growing globally, driven by increasing demand for digitalization and innovation in the real estate industry. The MENA region presents a unique opportunity for Huspy to expand its presence and capitalize on the increasing demand for efficient and data-driven mortgage broking services.
Founders Fund’s investment in Huspy marks an important milestone for both parties, as it paves the way for further growth and expansion into new markets.
Conclusion
Huspy’s innovative approach to proptech has resonated with investors, who see significant potential for growth in the MENA region. With Founders Fund’s backing, Huspy is well-positioned to continue its impressive growth trajectory and become a leading player in the global proptech landscape.
