UAE site Bayut’s parent company closes $100m funding round

Emerging Markets Property Group (EMPG), the parent company of UAE property website Bayut.com, closed a $100m investment in its latest and largest round of funding, it announced on Sunday.

The round was led by KCK Group with eight other investors participating, including Exor Seeds – part of European company Exor which has stakes in Ferrari, Fiat Chrysler Automobiles and Juventus FC, a statement said.

Group CEO Imran Ali Khan said the funds would be used for acquisitions, investment opportunities and further technology development.

Read: Owner of UAE property site Bayut receives $50m investment

Along with Bayut.com, EMPG owns and operates Zameen.com in Pakistan, Bproperty.com in Bangladesh, and Mubawab.ma in Morocco.

EPMG previously secured $20m of funding in early 2016 and has raised $60m across four previous rounds.

Read: Dubai-based property website Bayut receives $20m in funding

“EMPG has grown from strength to strength by adding value to real estate markets through our unique business models and bespoke technology platforms, and with the conclusion of this round we will be looking to expand our geographical footprint,” said Khan.

To date, EMPG has raised a total of $160m, making it the highest funded real estate tech company in the region.

The group is present in 40 cities across the UAE, Pakistan, Bangladesh, Morocco, Spain and Romania, with over 2,000 employees.