UAE Proptech Huspy Raises $37M Series A Round for European Expansion
The home financing platform already boasts presence in Spain, and will now look to enter the rest of Europe after a round led by Sequoia Capital India.
Huspy, the UAE-based proptech startup, has announced a $37 million Series A funding led by Sequoia Capital India. The fund also included participants from Founders Fund, Fifth Wall, Chimera Capital, and previous investors Breyer Capital, VentureFriends, COTU, Venture Souq and BY Venture Partners.
Launched in 2020 by Jad Antoun and Khalid Ashmawy, Huspy aims to digitally transform and reimagine the home ownership journey. Its platform features an array of digital solutions for home buyers, property agents and mortgage brokers. The real estate market has been growing rapidly despite the onset of the COVID-19 pandemic and widespread economic uncertainty. In 2021, real estate sales volumes increased 59% compared to 2020. Meanwhile, less than 1% of home-buying transactions are completed through digital channels. Huspy aims to facilitate the use of digital transactions across every stage of the home buying process.
“We’ve laid the foundation for a very defensible business that’s redefining home ownership in EMEA,” said Jad Antoun, co-founder & CEO of Huspy. “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.”
Huspy is gearing to become one of the largest housing platforms in the UAE and beyond. Since its founding two years ago, Huspy has reached $2 billion in annualised GMV, growing at 25% MoM. And with a total addressable market of $13 billion across the UAE and Spain, it aims to create a world-class experience for home buyers in EMEA.
“We are impressed with Jad and Huspy's mission to transform the home buying and financing experience in the region,” said GV Ravishankar, the managing director at Sequoia Capital. “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.”
Huspy’s Series A round will be used to invest in technology development, increase growth in the UAE and Spain, and expand across Europe.