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.
“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.
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.
Yalla!Hub Forms New Partnership With WEE Marketplace
The collaboration will accelerate e-commerce digitalization and allow for speedy deliveries across the Gulf countries.
After raising $6 million to expand into Saudi Arabia and Qatar, Yalla!Hub is now set to collaborate with WEE to facilitate the sale of products through both YallaMarket and the WEE marketplace. The companies plan to enhance the GCC e-commerce market using a range of innovative solutions for sales and delivery, presenting new opportunities for Emirati-based and foreign suppliers.
“This collaboration with WEE Marketplace signifies a major step forward in our mission to revolutionize e-commerce through digitalization in the UAE and GCC, making market entry and operations smoother both for customers and businesses. With this partnership, we’re able to extend the reach of brands to a wider audience,” explained Leo Dovbenko, CEO of Yalla!Hub.
Meanwhile, new partner WEE is uniquely positioned in the UAE and already well known for fast delivery services. The company’s WEE Marketplace will soon feature goods from Yalla!Hub on their platform, empowering Dubai shoppers with 1-hour delivery windows and a next-day service across the rest of the Emirates.
“WEE Marketplace and Yalla!Hub are absolute leaders of the UAE fast e-commerce market, and this partnership opens new horizons for brands, allowing them to enter at once both platforms. We choose the brands very carefully, aiming to give the best products to our customers,” said Anastasia Kim, CEO and co-founder of WEE marketplace.
The Emirati e-commerce market has now reached a value of nearly $13 billion and is expected to grow to $20 billion by 2027. Express deliveries account for 5.5% of total merchandise turnover, which currently stands at around $700 million. Among the express delivery categories, cosmetics, pharmaceuticals, flowers, and groceries lead the way.