Shell invests in Mina West gas development in Egyptian Mediterranean Sea    Egypt's FM highlights 'soft power' in Mali meeting with alumni    Egypt's foreign minister opens business forum in Niger, targets new partnerships    Egypt's FM delivers Al-Sisi message to Niger's leader, seeks deeper security ties    Rafah Crossing 'never been closed for one day' from Egypt: PM    Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dubai Property Finder raises $120 mln at valuation close to $500 mln
Amwal Al Ghad Published in Amwal Al Ghad on 29 - 11 - 2018

Dubai-based real estate classifieds website Property Finder has raised $120 million in a round led by General Atlantic, a New York-headquartered global private equity firm, Reuters reported today.
It is one of the largest investment rounds raised by a technology company based in MENA.
The firm has acquired a minority stake according to Reuters. The exact size of stake acquired is unknown but company's CEO has told Reuters that the investment comes at a valuation close to $500 million.
The company less than three years ago was valued at $200 million when it raised a $20 million Series B from Vostok New Ventures in January 2016.
Founded in 2007 by Michael Lahyani, Renan Bourdeau, the Property Finder group owns and runs leading real estate portals across the Middle East and North Africa including PropertyFinder.ae, which is UAE's leading real estate and rental marketplace.
Their websites are available in both English and Arabic with advertisers from different backgrounds including real estate agents, letting (rental) agents, and new home developers. Property Finder claims to have the most popular property mobile app in the region.
Their websites according to them attract over 16 million page views per month, with over 89% organic traffic in the UAE, and a 65 percent market share in UAE.
The company with use latest investment to further build their product and technology, its CEO Michael Lahyani told Reuters, "We want to continue building the best product and data information available to the public."
The money will also be used to expand the brand in its existing market of Saudi Arabia, Egypt, Turkey, the United Arab Emirates, Qatar, Bahrain, Lebanon, and Morocco.
Property Finder will add about 200 new employees to its current headcount of 450 at the end of 2018.
The company according to Reuters has been profitable for the past four years.
Earlier this year, another regional technology company, Emerging Markets Property Group (EMPG), that owns different property websites across the region including UAE's Bayut.com and Pakistan's Zameen.com had raised $50 million in Series D funding from undisclosed investors, taking the total investments raised by them to $110 million.

Clic here to read the story from its source.