Sequoia Capital India led a $37 million investment in the UAE-based proptech firm Huspy. Founders Fund and Fifth Wall made their Middle East investing debuts, in the Huspy Series A round.
Sequoia Capital India led a $37 million investment in the UAE-based proptech firm Huspy on Tuesday to accelerate its expansion throughout Europe, the Middle East, and Africa (EMEA).
Sequoia India and Southeast Asia raised $2.85 billion this week across a number of funds, including a $2 billion India early-stage, venture, and growth fund and a $850 million Southeast Asian fund.
In the Huspy Series A round, Founders Fund and Fifth Wall made their Middle East investing debuts.
Furthermore, Chimera Capital has joined existing investors Breyer Capital, VentureFriends, COTU, Venture Souq, and BY Venture Partners.
Huspy’s co-founder and CEO, Jad Antoun, said his company has evolved to become one of the leading property platforms, facilitating billions of dollars in volume, in just over two years.
The firm has hit $2 billion in annualised GMV, rising at a rate of 25% month on month to become one of the UAE’s leading housing platforms.
Huspy stated that the cash will be used to invest in technological development, double down on expansion in the UAE and Spain, and extend throughout Europe.
According to GV Ravishankar, MD of Sequoia India, Huspy has shown its outstanding value proposition for the real estate ecosystem and has become the market leader in mortgage broking in the UAE with good unit economics in a relatively short period of time.
This year celebrates Sequoia’s 50th anniversary as a worldwide firm, 16 years in India, and 10 years in Southeast Asia.
Because of the acceleration of digital adoption and growing consumer affluence, the region’s startup ecosystem has risen quickly in the recent decade.
Sequoia Southeast Asia employs around 40 individuals from 12 different countries, has a huge portfolio of seed, venture, and growth investments, and serves as a “center for initiatives like Surge and Spark, all driven by a rising belief in the potential of our markets.”