News

Huspy Raises $37 Million To Accelerate Expansion Across EMEA

The company wants to use the funds to invest in technology development, expand into new markets across Europe, and boost growth in regions where it already operates.

Published

2 years ago

June 23, 2022

David Morelo

Huspy

PropTech startup Huspy has just raised $37 million in a Series A funding led by Sequoia Capital India.

Also participating in the round of venture capital financing were California-headquartered venture capital firms Founders Fund, Fifth Wall, and Chimera Capital, which joined returning investors Breyer Capital, BY Venture Partners, COTU, VentureFriends, and Venture Souq.

The company wants to use the funds to invest in technology development, expand into new markets across Europe, and boost growth in regions where it already operates.

huspy team group picture

“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,” said Jad Antoun, co-founder & CEO of Huspy.

Launched in 2020, Huspy strives to streamline the home buying experience by creating a modern platform connecting home buyers with leading property agents and trusted financial institutions.

It took Huspy just one year of operations to become the leading mortgage provider in the United Arab Emirates, with an annual run rate of more than 1 billion USD.

Also Read: UAE To Punish Crypto Scammers With Fines & Jail Time

The startup has successfully recruited talent from some of the world’s top tech companies, including Compass, Gympass, Loft, Loggi, Microsoft, Quinto Andar, SumUp, and Uber. It also employs a team of brokers with over 20 years of experience working for banks like Emirates NBD, RAKBANK, ADIB, and DIB.

“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,” commented GV Ravishankar, MD, Sequoia India.

The PropTech market is expected to grow at a CAGR of 16.8% between 2022-2032 as startups and incumbent real estate companies use modern technology to make the home buying experience less stressful.

News

New Merger Creates Middle East’s Biggest Telecom Company

Saudi Arabia’s PIF and stc Group have combined resources, in a move that will significantly boost network coverage and customer experience.

Published

15 hours ago

April 22, 2024

Nour Nasir

new merger creates middle east's biggest telecom company

Saudi Arabian wealth fund PIF has agreed to purchase a 51% stake in Tawal, the country’s biggest telecommunications infrastructure company, with an enterprise value of $5.85 billion. The stake was formerly owned by the Saudi Telecommunications Company (stc Group).

PIF and stc Group will now merge Tawal and Golden Lattice Investment Company (GLIC) into a new entity, forming the “largest regional company in the telecommunication infrastructure sector” with over 30,000 mobile tower sites and annual revenues surpassing $1.3 billion.

The new company will be owned 54% by PIF and 43.1% by stc Group, with GLIC minority shareholders owning the rest of the issued share capital.

Raid Ismail, Head of MENA Direct Investments at PIF said: “Today’s announcement is a significant milestone for the telecommunications industry in Saudi Arabia and the wider region. By bringing together the assets of GLIC and TAWAL, we will establish a consolidated platform on which the telecommunications sector can flourish and give people a better experience to best connect communities and businesses. It is also in line with PIF’s strategy and the Saudi Vision 2030”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Combining Tawal and GLIC is seen as a positive stepping-stone to consolidating Saudi Arabia’s tower market and increasing operating efficiencies and excellence to deliver a better experience for customers.

Once operational, network coverage should see a welcome boost, while general connectivity and internet speeds will also be improved.

The merger follows Tawal’s purchase of infrastructure in Bulgaria, Croatia, and Slovenia, making this “Saudi national champion” the region’s biggest independent tower company.