Dubai: The UAE based proptech Huspy, which offers home finance solutions, has raised $37 million through a Series A round, and getting on board Sequoia Capital India, Founders Fund and Fifth Wall. There was also participation from Abu Dhabi’s Chimera Capital, which already had an exposure in the startup.
Huspy will deploy the funds for expansion across Europe; it is already present in Spain and remains quite visible in its home market UAE The promoters target growing at 25 per cent month-on-month and be ‘’one of the largest housing platforms in the UAE’.
Huspy had raised one of the largest seed rounds ever in the MENA region and in 2022 acquired Home Matters.
Digital proptech platforms have been making headway in the UAE, either as a conduit for crowdfunded ventures or offer mortgage solutions. The advantage when it comes to home financing is that they cut down on the time typically required when prospective homeowners talk directly to banks.
“Our aspiration is to continue building Huspy into a category-defining company and set a new bar for the way people buy and finance their houses,” said Jad Antoun, co-founder and CEO. “In just under two years, Huspy has grown to become one of the largest property platforms, facilitating billions of dollars in volume.”
In the UAE and Spain, Huspy says it’s part of an ‘addressable market’ of $13 billion.
Less than 1% of home-buying transactions are completed through digital channels. This is something that proptech firms like Huspy would be looking to change