UAE fintech firm Stake secures $14m in Series A funding

Image credit: Stake

UAE real estate investment platform Stake has raised $14m in a Series A funding round led by Middle East Venture Partners (MEVP), together with Aramco’s Wa’ed Ventures and Abu Dhabi sovereign investor Mubadala Investment Company.

Stake said in a statement that Al Jomaih Holding, one of Saudi Arabia’s largest family conglomerates, and Republic, a leading US-based private investing platform, participated in the fundraising.

The company intends to use the proceeds to expand its business in Saudi Arabia, pioneering as the first digital platform to offer individuals outside the kingdom the opportunity to invest in the country’s real estate opportunities, showcasing its innovative approach.

Stake said it would also use the funds to expand its fast-growing investor pool, bring new investment opportunities to the platform, and scale up its team to expand its product and service offering.

Rami Tabbara, co-founder & co-CEO of Stake, said the funding will enable the real estate fintech firm to continue scaling its presence in the UAE while expanding into Saudi Arabia.

“We believe that the real estate investment process needs to be fully digitised, and we have only started scratching the surface of our vision of making real estate accessible, transparent, borderless, and liquid. ”

The real estate investment platform has significantly expanded its presence in Dubai’s real estate market over the past three years, accumulating more than 500,000 users and is now targeting Saudi Arabia.

Founded in 2021, Stake has revolutionised the Dubai real estate market, allowing global investors to engage in fractional ownership with an entry point as low as Dhs500.

With more than 200 properties worth Dhs355m sold via its app and over 50 per cent of investors coming from outside the UAE, the fintech firm is leading a wave of transformation within MENA’s financial and real estate landscape. Stake surpassed 100,000 transactions on the platform in May.

Dubai’s real estate market has been booming, driven by an influx of wealthy people from around the world. Average apartment prices in the tourism and business hub rose by 20.4 per cent in the January-March period, while Saudi Arabia’s capital, Riyadh, registered an 8.4 per cent increase in average apartment prices, according to a May report from CBRE Group.

Read: Global HNWIs ready to spend $408.3m on residential real estate in Abu Dhabi