If you enter a Dubai Bank to apply for a real estate loan in 2020, it is likely that you will spend a buried months in the leaves or face a large price of price when it comes to the menus. Such experiments led JAD ANTON to the start of Huspy, an emerging company that simplifies how people in the United Arab Emirates buy homes digitally.
Over the past five years, the company has grown to become one of the largest Proptechs technology in the United Arab Emirates, and has expanded to Spain, by providing digital tools to find homes and obtain real estate loans.
Huspy just closed the B series of $ 59 million to double the processes across the Middle East and expand its European presence, led by the current investor Balderton Capital and PEAK XV.
In 2022, Hossby raised More than 40 million dollars in the series A. and extension From a who’s who of Global Investors, including Balderton Capital, Founders Fund and Peak XV Partners (formerly Sequoia Capital India & Sea).
Other investors include Exporder, Turmeric Capital, By Ventures, Dara Management and Ke Partners. Anton Anton told Techcrunch in an interview that the new capital will fuel the continuous growth of Huspy in the United Arab Emirates and Spain and support its launch in the Kingdom of Saudi Arabia.
This investment is important because PROPTECH has been a difficult sector over the past two years. Companies such as OpenDoor and Compass have struggled to maintain assessments and profitability amid high interest rates in the United States. a lot Startups were also burned through criticism and struggled.
Rana Yar, the general partner of the Dron Capital, said that Hossby “built a repetitive and effective playing book for the launch of City, and continues to pace with innovation – especially about the tools of artificial intelligence of brokers and agents – in raising the tape for the entire industry.”
Anton said that Huspy learned through his first market in the United Arab Emirates how to target pain points in the mortgage process of the country. He performed partnerships with leading banks and provided digital saping operations on a platform linking brokers and borrowers.
Within three years, the company says it acquired 30 % of the mortgage market (25 % in Dubai, one of the most active real estate markets in the world). This traction, and the exclusive banking relations that he built as a result, has become a starting point for expansion.
In 2022, it began to scroll to Spain, a real estate market with more than 100,000 registered agents, according to ANTON.
Instead of having stock such as IBUYER or working as traditional fish, Huspy runs a network -based model across the Emirates and Spain. Freelnce agents use the platform to reach expected customers from markets such as Property Finder and Idealista, while Huspy provides CRM tools and support transactions and integrated mortgage products through its banking partners.
It is a low -head approach similar to Uber real estate than zillow.
Antoun, who was previously in the VC Beco Capital investment team at an early stage, and CEO Ziad Nassar, who leads the European Huspy expansion, believes that the company has found a repetitive model that is difficult Partnerships on the plane, construction.
In less than a year, Huspy claims to be one of the three best real estate companies in Valencia depending on the volume of transactions. It already works in six cities throughout Spain, where it claims to grow over 20X on an annual basis.
Antoun said: “I think it will be difficult for someone to compete for a mortgage product specifically in both market,” Antoun said. “We were here for a longer period, and in Spain, we have better efficiency.”
Anton says that the startup company has helped more than 25,000 people buy homes across its markets, and more than 10x revenues have grown since 2022. The platform, which gets revenues through commissions and success fees, usually facilitates real estate agents and banks, more than $ 7 billion in transactions.
Over the next four years, the company plans to launch it in most major cities across Europe and the Middle East, a region currently enjoying the moment of Proptech, with another main player, Nawy, with a big tour this year. Huspy plans to work in more than 10 cities by the end of 2025.
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