UAE’s proptech Huspy receives $37m in Series A funding

Huspy, the UAE-based proptech startup, has raised $37m in a Series A funding led by Sequoia Capital India.

Founders Fund and Fifth Wall made their Middle East investment debut in this round. In addition, Chimera Capital joined returning investors Breyer Capital, VentureFriends, COTU, Venture Souq and BY Venture Partners.

Launched in 2020, Huspy has grown to a $2bn annualised GMV, expanding at a rate of 25 per cent month on month to become one of the UAE’s leading housing platforms. The company will use the Series A funding to spend heavily in technological development, double down on growth in the UAE and Spain, and expand across Europe.

With a TAM of $13B across the UAE & Spain, @gohuspy is creating a world-class experience for home buyers in EMEA. Their full-service property mktplc solves challenges across every stage of the process. Today, they announce their $37M Series A. @gvravishankar on the partnership⬇️ pic.twitter.com/Yp7D1KxuVz

— Sequoia India & Southeast Asia (@SequoiaIndiaSEA) June 21, 2022

The company also announced the launch of its full-service property marketplace complementing the company’s position as leaders in home finance. Real estate continues to be an in-demand asset class around the world, growing by 59 per cent YoY in 2021. However, less than 1 per cent of home-buying transactions are completed through digital channels. With this addition, Huspy will solve challenges across every stage of the home buying process.

Jad Antoun, co-founder and CEO, Huspy said, “We’ve laid the foundation for a very defensible business that’s redefining home ownership in EMEA. Our aspiration is to continue building Huspy into a category-defining company and set a new bar for the way people buy and finance their houses. In just under two years, Huspy has grown to become one of the largest property platforms, facilitating billions of dollars in volume. Today, we’re humbled to partner with global and regional investors and we look forward to working together to reshape the world’s largest asset class.”

“We are impressed with Jad and Huspy’s mission to transform the home buying and financing experience in the region. 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. And, Huspy’s ethos to build for the long term with a deep focus on having the best team in the region resonates deeply with us,” added GV Ravishankar, MD, Sequoia India.

Previously, Huspy raised one of the largest seed rounds ever in the MENA region and in 2022 acquired Home Matters, to form the biggest home financing company in the UAE.

Read: UAE’s proptech Huspy acquires mortgage consultancy Home Matters