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Fri 12 Dec 2014 09:47 AM

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Investor raises stake to finance propertyfinder expansion plan

BECO Capital says 'very excited' to be able to increase interest in Dubai-based property website propertyfinder.ae

Investor raises stake to finance propertyfinder expansion plan

Dubai-based property website propertyfinder.ae has announced that its lead investor has committed to further funding to finance on-going expansion of the brand in the Middle East.

The real estate website, set up in 2007 by CEO Michael Lahyani to tap into the fast growing UAE property boom, has seen rapid expansion this year across GCC countries.

While the company did not reveal the size of the new investment, the funding is from BECO Capital, led by Danny Farha, the co-founder of Bayt.com.

"Execution is what will set aside a winner from its peers and the propertyfinder team has been impressive with the way it has successfully expanded the UAE business model throughout the region. So, we're very excited by the opportunity of growing our stake in the business and providing the team with more support," said Farha, founder of BECO.

He said the additional funding will be used to develop the product and tech team and intensify the sales and operations in key markets such as Saudi Arabia.

"Our commitment to propertyfinder goes beyond funding. I will personally spend time on the ground in Saudi to make sure that my past experience in this market is shared with the team. That's how committed we are!" added Farha.

Lahyani added: "Dany's experience as co-founder of Bayt.com, the largest job site in the region, is extremely useful when it comes to rolling out our operation in a market like Saudi, which is known to be challenging. I'm confident that with his commitment, we'll build a successful business in Saudi Arabia."

propertyfinder employs 120 people across seven markets and recently moved into a new 8,000 sq ft office in Dubai Media City.

Available in both English and Arabic, the company's websites provide visitors with comprehensive search facilities covering residential and commercial properties, real estate news, home advice and buying and selling guides.

Late last year propertyfinder.ae was named SME of the Year at the first Arabian Business Start-Up Awards and was praised by the judges for its huge surge in visits to its site in recent years, as well as its rapid expansion across the Middle East.

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