Stake, a Dubai-based digital real estate investment platform, has raised over $8 million in a pre-Series A funding round.
The funding was backed by venture capitalists Middle East Venture Partners (MEVP) and BY Ventures, and also included participation from returning investors Vivium Holding and Combined Growth Real Estate. The company plans to invest the new capital in advancing its product and technology, scaling its brand and expanding its operations in the region.
The latest funding follows a $4 million seed round that closed in June 2021, bringing the company’s total funds raised to over $12 million.
Read: Dubai property investment platform Stake raises $4m in seed funding round
Stake has a base of 42,000 users from over 80 countries and 150 nationalities. In addition, it has recorded an average monthly growth rate of 17% in investors and assets under management (AUM), and an overall growth of 500% in AUM in the last 12 months alone, he said in a statement. The company plans to enter the regional markets of Saudi Arabia and Egypt by the first quarter of next year, and is also looking to recruit talent and double the size of its resources in the markets. in expansion. It currently employs over 30 people.
Rami Tabbara, Manar Mahmassani and Ricardo Brizido, co-founders of Stake, said: “Investors in the region and beyond deserve a more transparent and digital way to invest in real estate. The proceeds will allow us to continue to attract top talent to the team and solidify Stake’s position as a category leader in the MENA region.
“We believe the future of real estate investing is digital, fractional and hassle-free. The team at Stake has empowered thousands of people to become real estate investors and we are thrilled to partner with them as they are evolving in the MENA region”, adds Riyad Abou Jaoudeh, partner at MEVP.