New Delhi, Jan. 28 -- Mubadala, the second-largest sovereign wealth fund of Abu Dhabi that manages assets worth over $330 billion across multiple countries, has led $170 million (around Rs 1,563 crore) fresh investment round in Property Finder, which is Middle East and North Africa region's proptech portal, along with another UAE sovereign wealth fund and regional venture capital firm BECO Capital.
Mubadala and the undisclosed sovereign wealth fund are investing $75 million (around Rs 689 crore) each, the firm said in a statement. BECO Capital, which was Property Finder's first institutional backer, is contributing $20 million (around Rs 184 crore) in the round from its newly launched growth fund, only two years after it made an exit from the Dubai based company in 2024.
"This investment accelerates our ambition to build the region's leading real estate operating system, powered by data, trust and innovation," said Jamie O'Mahony, chief financial officer of Property Finder.
The deal comes only months after British global investment firm Permira and the world's largest alternative asset manager Blackstone Inc invested $525 million in Property Finder in September last year. The deal also provided a partial exit to General Atlantic, an early backer of Property Finder since 2018, even as the investor remains a significant minority shareholder.
It takes Property Finder's total equity capital raised to nearly $700 million, along with an additional $250 million raised in debt financing from Ares Management and HSBC.
Founded in 2007 by Michael Lahyani and Renan Bourdeau, Property Finder is a marketplace for buying and renting of property. It is one of the region's leading real estate classifieds platforms, competing with rivals such as Dubizzle and Bayut. The company is expanding its platform and targeting growth across the Middle East and North Africa real estate market.
J.P. Morgan acted as placement agent to Property Finder on the transaction, while Moelis & Company served as independent financial advisor to Property Finder. Freshfields LLP acted as legal counsel to Property Finder, and Cooley LLP acted as legal counsel to Michael Lahyani.
Published by HT Digital Content Services with permission from VC Circle.