Property Finder, the Dubai-based real estate classifieds portal, has announced $120 million in investment from its latest investment round led by General Atlantic, a global growth equity firm.
The round also included participation from existing shareholder, Vostok New Ventures Ltd, a statement said.
Property Finder said it will use part of the funds to deliver on its strategy to build innovative products which provide greater transparency, effective data and an overall better experience for property seekers.
Founded in 2007 and headquartered in Dubai, Property Finder said it is currently the market leader in real estate classifieds in the UAE, Qatar, Bahrain, and Lebanon, with growing market share in Egypt, Saudi Arabia, Morocco, and Turkey.
With approximately 6 million monthly visits on its platform, the company employs more than 450 people and delivers over 800,000 monthly inquiries to its customers.
Michael Lahyani, CEO, founder of Property Finder, said: “It's been an extraordinary journey since we launched Property Finder 11 years ago and we're proud to be raising capital from General Atlantic, given the firm’s expertise in technology investing at scale.
"This is a major milestone not only for our company, but also for the tech industry and entrepreneurs in the region. This new capital will continue to support our mission of bringing more transparency and information to the 6 million property seekers visiting our platform each and every month and to deliver the best leads and market data to real estate agents and developers.
"I'm excited for the next growth phase of the business and for all the improvements we can bring to property buyers, renters and sellers."
"Property Finder’s focus on building a world-class product for property seekers is generating fantastic momentum across the region,” added Chris Caulkin, principal and head of technology for EMEA at General Atlantic. “We are thrilled to partner with the Property Finder team during this exciting growth phase of the business.”
As part of the transaction, Chris Caulkin will be joining Property Finder’s board of directors.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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