… and Prop­er­tyfinder Strength­ens Its Base with $20M In­vest­ment

Arabnet - The Quarterly - - Industry Stories -

The Dubai-based Prop­er­tyfinder has sold 10% of its shares in a pri­mary in­vest­ment round to the Swedish in­vest­ment firm Vos­tok New Ven­tures, for $20 mil­lion. This sets the over­all value of the com­pany at $200 mil­lion. Founder and CEO Michael Lahyani said the in­vest­ment will be used to ex­pand sales and mar­ket­ing op­er­a­tions in the MENA, and de­velop the com­pany’s pro­pri­etary tech­nol­ogy. The in­vest­ment comes de­spite bear­ish fore­casts for Dubai’s real es­tate sec­tor, Prop­er­tyfinder’s home mar­ket. Ac­cord­ing to CBRE con­sul­tants, prop­erty sales prices dropped by dou­ble-digit per­centile points in 2015, and fur­ther drops are ex­pected in 2016. But Lahyani said Prop­er­tyfinder hasn’t seen any sig­nif­i­cant slow­down in traf­fic. Founded in 2005, the com­pany em­ploys more than 150 peo­ple, and op­er­ates real es­tate clas­si­fieds plat­forms in Qatar, Saudi Ara­bia, Egypt, Morocco, Bahrain, Le­banon, and the UAE. It is the fourth MENA com­pany in Vos­tok New Ven­tures’ in­vest­ment port­fo­lio, af­ter a re­cent $1.7 mil­lion in­vest­ment in the Egyp­tian re­cruit­ment site Wuz­zuf, and a com­bined $15.5 mil­lion in two Pak­istani com­pa­nies.

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