Dubai: Property Finder successfully raised $90 million in debt financing and bought back shares from BECO Capital.
Francisco Partners, an investment firm with offices in San Francisco, New York, and London, provided debt financing. The firm specializes in partnering with technology businesses.
Property Finder used the proceeds to complete the buyback of BECO Capital's entire stake, the first institutional investor in the company. J.P. Morgan and White & Case advised Property Finder on the transaction.
Michael Lahyani, CEO and founder of Property Finder, said: "The trust that the BECO Capital team and Dany Farha invested in us, since backing us 11 years ago, underscores the quality of our operations and the resulting outcomes. Our commitment to the real estate market stands firm, as we aim to continue to drive strong returns for our ecosystem."
BECO Capital was the first venture capital company to launch in the UAE. It was a key investor in Property Finder's early-stage funding round. The share buyback program sees BECO Capital exit with a strong return on its investment.
Dany Farha, Co-Founder & Managing Partner, BECO Capital said, "As we exit our investment, which has produced true venture returns for our investors and prepare to sunset the fund, we remain excited at the massive opportunity that still lies ahead for Property Finder to continue to grow and serve its customers across the region in one of the largest sectors across the regional economies and we will be rooting for them along their continued journey."
