Real estate investment platform Stake has raised $8m in its oversubscribed pre-Series A funding round.
The investment was backed by MEVP, BY Ventures, Vivium Holding and Combined Growth Real Estate.
Stake will use the fresh capital to deepen its technology and product, upscale its brand and expand operations in the MENA region.
Based in Dubai, Stake’s mission is to enable a borderless, liquid and accessible market for quality real estate investments. The company boasts 42,000 users from over 80 countries and 150 nationalities.
It also experienced an average 17% monthly growth rate in both investors and AUM, and a 500% overall growth in AUM in the past 12 months.
Users can invest in real estate from as little as AED 500 ($136) and have the ability to buy shares in prime rental properties and manage a diversified portfolio through a mobile app or web platform.
The real estate investment platform stated that it plans to enter Saudi Arabia and Egypt by Q1 2023. It aims to direct the Kingdom’s proactive investors and encourage young Egyptians to tap into the rapidly growing asset class created in their domestic markets, it said.
In a joint statement, Stake co-founders Stake Rami Tabbara, Manar Mahmassani, and Ricardo Brizido said, “Investors in the region and beyond deserve a more transparent, digital-friendly means of investing in real estate.
“This round is a testament to our mission at Stake to bring access and liquidity to the oldest, largest, and most sought-after asset class in the world. The proceeds will allow us to continue attracting the best talent to the team and cement Stake’s position as the category leader in the MENA region.”
Stake is currently hiring staff, with the goal of doubling the team total.
The real estate investment platform previously raised $4m for its seed round in 2021.
Dubai has seen several FinTech deals this year. Buy now, pay later platform tabby recently secured $50m in a debt financing round from Partners for Growth.
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