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UAE’s proptech Stake secures USD 14 mn in funding round: Dubai-based proptech startup Stake raised USD 14 mn in series A funding from both regional and international investors to expand its pool of investors and enter Saudi Arabia this year, according to a press release. The funding round was led by Middle East Venture Partners and saw participation from Aramco's Wa'ed Ventures, Mubadala and Republic. It raised USD 8 mn in 2022.
Where are the funds going? Stake will use the funds to expand into the Saudi market, and become the first platform to allow individuals outside of the kingdom to invest in Saudi real estate. The company also plans to use the funding to grow their pool of investors, introduce new investment opportunities to its users, and scale its team.
About Stake: Founded in 2020 in the UAE by Rami Tabbara (Linkedin), Manar Mahmassani (Linkedin), and Ricardo Brizido (Linkedin), the digital real estate investment platform is designed to facilitate investments from overseas investors into local real estate. It saw over 200 properties worth AED 355 mn sold through its app, and has amassed over 500k users, the startup said.
How does it work? The proptech company allows investors to purchase fractions of property in the Emirates, and earn income on a monthly basis, according to Techcrunch. The digital platform caps investments at 33% ownership in each property to spread out rental income across users. Due to Dubai’s investment rules, the startup limits individual investors to a maximum of AED 50k investments per year, and a minimum of AED 500.
It’s not the only proptech eyeing KSA: Digital mortgage platform Holo recently closed a pre-series A round that will help it expand into the Kingdom and grow its presence across the GCC.
OTHER STARTUP NEWS-
Dubai-based fintechElevate raised USD 5 mn in a pre-series A funding round, according to a press release (pdf). The funds will go towards supporting Elevate’s expansion into the Middle East and Africa. Elevate will also use the fresh funding to introduce new financial services to its offerings, such as savings and investment accounts.
