Prop tech start-up company Huspy has just received investments amounting to $ 37 million USD in their latest round of investments. This was a round A investment and it is one of the largest investments ever at that stage of funding. The funding was primarily led by Sequoia Capital. Founders Fund, an American venture capitalist company also took part in this round which was their first ever investment in the Middle East region.
Huspy is a start-up company in the real estate industry. The company allows their customers to receive home loans and other finances for their property through their portal and platform. There is almost no paper work required to receive the finance which is the biggest differentiator between Huspy and other companies. The company was founded just 2 years ago back in 2020 and its head office is situated in Dubai, United Arab Emirates.
Fifth Wall, which is a venture capital fund that solely focuses on real estate and tech companies also took part in this historic round. A few other venture capitalists and fun management companies also took part in this round.
Real estate has slowly been booming now as the coronavirus is looking to be a thing of the past. There has been a 59% increase in world real estate business in 2021 when compared to 2020. It is expected that business in the industry will grow even more in 2022 as the world is slowly going back to how it was before the corona virus.
While tech and real estate have come together in the form of start-ups in North America, South America, and parts of Asia like Japan, Singapore, and South Korea, the Middle East is now a market that shows great potential for growth and Huspy has snapped up on this opportunity quickly as they look to take over the region’s real estate.
Most of the hoops that you have to jump through when property buying is offline in the Middle East. There are now online and digital aspects to the transactions now, but they are all fragmented and decentralised. However, with Huspy, the entire process of buying property including the financing can be done on their platform. According to Antoum, over 5 agents work with a single customer while buying a property making it a hassle for the people. However, using just a single platform to get the deal done could just be a blessing, especially at a time when the market is booming.
