On­line Prop­erty Space Heats Up: Con­tender Bayut.com Raises $29M for MENA Ex­pan­sion...

Arabnet - The Quarterly - - Industry Stories -

Emerg­ing Mar­kets Prop­erty Group (EMPG), the own­ers of Bayut.com, one of the UAE’S big­gest real es­tate por­tals, closed a $20 mil­lion Se­ries C round – only four months af­ter clos­ing a $9 mil­lion Se­ries B round! The group did not dis­close the names of the in­vestors, but said the cap­i­tal will be used to strengthen its plat­form’s brand vis­i­bil­ity and mar­ket share in Pak­istan and the UAE pri­mar­ily, where other play­ers like Prop­er­tyfinder are also es­tab­lished. EMPG is a leader in the re­gional prop­erty por­tal in­dus­try, with a to­tal of 3.4 mil­lion monthly vis­its to its web­sites, a field pres­ence across 30 cities, and over 9,000 real es­tate agen­cies on board. The group’s founder and CEO of Bayut.com, Imran Ali Khan, said their aim is to “com­pletely own the real es­tate space in both of th­ese mar­kets, so it was very im­por­tant for us to go in with the right strat­egy and am­ple funds to do that quickly and ef­fi­ciently.” He said they will use part of the in­vest­ments to fur­ther de­velop their tech­nol­ogy plat­forms and make ac­qui­si­tions. Ac­cord­ing a state­ment re­leased by the group, EMPG also plans to launch op­er­a­tions in Bangladesh and some Middle East­ern coun­tries.

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