RIYADH: Stake, a Dubai-based digital real estate fintech platform, has raised $8 million in an oversubscribed pre-series A funding round, as it plans to debut in Saudi Arabia and Egypt in the first quarter of 2023.
The startup said it aims to direct the Kingdom’s proactive investors and encourage young Egyptians to tap into the rapidly growing asset class created in their domestic markets.
Stake had previously raised $4 million in a seed round in June 2021, thus bringing the overall raised fund to over $12 million, it said in a press release.
The company said the deal is backed by some of the region’s leading venture capital investors, MEVP and BY Ventures, and participation from returning investors Vivium Holding and Combined Growth Real Estate.
It claims this is the largest capital raised by a real estate investment platform in the Middle East and North Africa region.
Stake, which has a base of 42,000 users across 80 countries, will be using the raised fund to advance its products and technologies, upscale its brand, and expand its operations within the region, it added.
“This round is a testament to our mission at Stake to bring access and liquidity to the oldest, largest, and most sought-after asset class in the world. The proceeds will allow us to continue attracting the best talent to the team and cement Stake’s position as the category leader in the MENA region,” its Co-founders Rami Tabbara, Manar Mahmassani, and Ricardo Brizido said in a joint statement.
The company said it registered an average 17 percent monthly growth rate in both investors and assets under management, and 500 percent overall growth in AUMs in the past 12 months alone.