Digital real estate investment platform Stake said it raised $14 million (Dh 51.4 million) in funding led by Middle East Venture Partners (MEVP), along with Aramco’s Wa’ed Ventures, Mubadala Investment Company, and US-based private investing platform Republic.
With over 500,000 users, Stake will utilise the funds to foray into the Saudi market and offer individuals outside of the Kingdom the opportunity to invest in the largest regional economy.
The funds will also be allocated to expanding its fast-growing investor pool, bringing new investment opportunities on the platform and scaling a world-class team to build out its globally renowned, market-leading product.
Since its launch in 2021, Stake has allowed global investors to engage in fractional ownership with an entry point as low as Dh500. It has sold over 200 properties worth Dh355 million via its app and over 50 per cent of its investors come from outside of the UAE.
Rami Tabbara, co-founder and co-CEO of Stake, said the new funding will enable the platform to continue scaling its presence in the UAE while launching in Saudi Arabia.
“We have a top-tier group of investors backing this funding round and placing significant trust in Stake and the future we are building. We believe that the real estate investment process needs to be fully digitised and we have only started scratching the surface in our vision of making real estate accessible, transparent, borderless, and liquid,” he said.
It is estimated that the Saudi market will grow by 6 per cent in 2025, making it one of the fastest-growing G20 economies in the world.
Source: www.khaleejtimes.com