Sequoia Capital India on Tuesday led the $37 million funding into the UAE-based proptech startup Huspy to accelerate Europe, the Middle East and Africa (EMEA) expansion. Sequoia India and Southeast Asia last week raised $2.85 billion across a set of funds, including a $2 billion early-stage, venture and growth fund for India and an $850 million Southeast Asian fund.
Founders Fund and Fifth Wall made their Middle East investment debut in the Huspy series A round, while Chimera Capital joined returning investors Breyer Capital, VentureFriends, COTU, Venture Souq, and BY Venture Partners. A series A round comes a little more than a year after Huspy raised seed capital in April 2021.
The co-founder and CEO of Huspy, Jad Antoun, said: “We’ve laid the foundation for a very defensible business that’s redefining home ownership in EMEA. We aspire to continue building Huspy into a category-defining company and set a new bar for the way people buy and finance their houses.” In addition, he said, “In just under two years, Huspy has grown to become one of the largest property platforms, facilitating billions of dollars in volume”. The startup has reached $2 billion in annualized GMV, growing at 25 percent (on month) to become one of the largest housing platforms in the UAE.
This year makes the 50th anniversary of Sequoia as a global film, 16 years in India, and 10 years in Southeast Asia. The region’s start-up ecosystem has grown rapidly in the last decade, because of the acceleration of digital adoption and rising consumer incomes. Sequoia Southeast Asia has over 40people across 12 nationalities, a large portfolio of seeds, venture, and growth investments, “and a hub of programs like Surge and Spark, all driven by a growing conviction in the potential of our markets.”
In less than two years, the company has reached $2 billion in annualized gross merchandise value (GMV), growing at 25 percent month on month to become one of the largest housing platforms in the UAE. Huspy’s Series A round will be used to extensively invest in technology development, double down on growth in the UAE and Spain, and expand across Europe. The managing director of Sequoia India, GV Ravishankar, said: “We are impressed with Jad and Huspy’s mission to transform the home buying and financing experience in the region.”
With a total addressable market of $13 billion across the UAE and Spain, Huspy remains committed to creating a world-class experience for home buyers in EMEA. Huspy’s innovative platform features a suite of digital solutions to create unparalleled benefits for buyers, property agents, and mortgage brokers. Today, Huspy is home to a world-class team of startup talent from the likes of Loft, QuintoAndar, Uber, Loggi, SumUp, etc with 30+ nationalities located across Dubai and Madrid, who are building the future of the proptech ecosystem.
