Founders Fund has made its first investment in the Middle East by backing UAE-based proptech startup Huspy. Sequoia Capital is also on Board.
The $37 million Series A Round, one of the largest at this stage in MENA, was led by Sequoia Capital India.
The round also welcomed participation from Fifth Wall, the largest VC firm backing real estate and proptech startups. Chimera Capital invested in the company as well as existing investors from its undisclosed seed round last April, such as Breyer Capital, VentureFriends, COTU Ventures , BY Venture Partners, and VentureSouq .
Software has disrupted every traditional industry from high volume businesses with low ticket items like food to medium volume businesses with medium ticket items like vehicles. Low volume business with high ticket items, the category where real estate falls under, isn’t exempt. Startups such as Opendoor, PLACE, HomeLight, QuintoAndar, and Loft have democratized access to owning and renting homes and offices with varying products.
Real estate continues to be an in-demand asset class worldwide, with 2021’s global commercial sales volumes exceeding the 2020 total by 59%. While the startups above are focused on the U.S. and Latin America, Jad Antoun and Khalid Ashmawy launched Huspy in 2020 to tap into the home-buying opportunity in the Middle East.