Sequoia Capital India on Tuesday led the $37 million funding into the UAE-based proptech startup Huspy to accelerate Europe, the Middle East and Africa (EMEA) expansion. Sequoia India and Southeast Asia last week raised $2.85 billion across a set of funds, including a $2 billion early-stage, venture and growth fund for India and an $850 million Southeast Asian fund.
Founders Fund and Fifth Wall made their Middle East investment debut in the Huspy Series A round. In addition, Chimera Capital joined returning investors Breyer Capital, VentureFriends, COTU, Venture Souq and BY Venture Partners. “In just under two years, Huspy has grown to become one of the largest property platforms, facilitating billions of dollars in volume,” said Jad Antoun, Co-founder and CEO, Huspy.
The startup has reached $2 billion in annualised GMV, growing at 25 per cent (on-month) to become one of the largest housing platforms in the UAE. Huspy said it will use the funds to invest in technology development, double down on growth in the UAE and Spain, and expand across Europe.
“In a short span of time, the company has demonstrated its strong value proposition for the real estate ecosystem and has become the market leader in mortgage broking in the UAE with healthy unit economics,” said GV Ravishankar, MD, Sequoia India. This year marks the 50th anniversary of Sequoia as a global firm, 16 years in India, and 10 in Southeast Asia.
The region’s startup ecosystem has grown rapidly in the last decade, thanks to the acceleration of digital adoption and rising consumer incomes. Sequoia Southeast Asia has over 40 people across 12 nationalities, a large portfolio of seed, venture and growth investments, “and a hub for programs like Surge and Spark, all driven by a growing conviction in the potential of our markets”.