UAE-based Property Finder on Monday announced that US private equity firm General Atlantic led $120 million investment and purchased a minority stake in it.
The round also included participation from current investor Vostok New Ventures Ltd and non-profit organisation Endeavor, according to an official statement.
The Middle East’s leading real estate classifieds website would use part of the money to push ahead with its strategy to launch innovative products which provide greater transparency, effective data, and an overall better experience for property seekers, the firm noted.
“This new capital will continue to support our mission of bringing more transparency and information to the 6 million property seekers visiting our platform each and every month and to deliver the best leads and market data to real estate agents and developers,” Property Finder’s chief executive Michael Lahyani said.
The proceeds will also be used to expand Property Finder’s business in its existing markets of Saudi Arabia, Egypt, Turkey, the United Arab Emirates, Qatar, Bahrain, Lebanon and Morocco, he added.
US investment firm General Atlantic is teaming up with entrepreneurs and management teams to build high-growth businesses.
With $28 billion assets under management, the US firm focuses on investments across four sectors, including consumer, financial services, healthcare, and technology, with support from the firm’s global team of experts.
“Property Finder’s focus on building a world-class product for property seekers is generating fantastic momentum across the region,” said Chris Caulkin, Principal and Head of Technology for EMEA at General Atlantic.
General Atlantic’s Chris Caulkin, the US firm’s head of technology for Europe, the Middle East, and Africa, has joined Property Finder’s board after the investment round.