- Dubai-based fintech platform raises $8m in pre-series A funding round and multiply its active investor base by ten-fold.
- Startup plans to enter two new markets – Saudi Arabia and Egypt by first quarter of next year.
Stake, Dubai-based digital real estate investment platform, has secured more than $8 million in pre-series A funding round, the largest capital raise by a real estate investment platform in the Middle East and North Africa (MENA) region.
The startup had raised a $4 million seed round in June 2021.
The funding round was led by MEVP and BY Ventures, and participation from returning investors Vivium Holding and Combined Growth Real Estate.
Stake plans to invest in advancing its product and technology, upscaling its brand, and expanding operations within the region with the vision of enabling a borderless, liquid, and accessible market for quality real estate investments and multiply its active investor base by ten-fold, becoming the category leader in Saudi Arabia and the UAE.
Future is digital
Rami Tabbara, Manar Mahmassani, and Ricardo Brizido, Co-Founders of Stake, said that investors in the region and beyond deserve a more transparent, digital-friendly means of investing in real estate.
“This round is a testament to our mission at Stake to bring access and liquidity to the oldest, largest, and most sought-after asset class in the world. The proceeds will allow us to continue attracting the best talent to the team and cement Stake’s position as the category leader in the MENA region,” Tabbara said.
Stake eyes to enter two more markets – Saudi Arabia and Egypt – by first quarter of next year.
“We believe that the future of property investment is digital, fractional, and hassle-free. The team at Stake has enabled thousands to become real estate invetsors and we are excited to partner with them as they scale in MENA,” Riyad Abou Jaoudeh, Partner at MEVP, said.
Strong UAE realty
Despite global tensions and rising inflation concerns in the region, EY MENA M&A Insights 2022 report said that UAE’s real estate market continues to thrive, with the second quarter witnessing the highest quarterly volume of sales and more than 22,500 transactions taking place, valued at $16.1 billion.
“We’re proud of their early success in the UAE and excited about the potential in the wider MENA region. We strongly believe in the execution capabilities of the Stake team and their ability to build a dominant business while focusing on delivering profitable growth,” Abdallah Yafi, Founder and Managing partner at BY Ventures, said.