Huspy, a UAE-based proptech company has raised $59 million in a successful funding round. This funding will allow them to ramp up operations and increase their foothold in the growing European market. In the past five years, that’s all changed and Huspy io has taken off. Today, it is one of the largest proptech players in the landscape of the UAE. The company has recently focused its efforts on Spain, a market characterized by fragmentation and an extensive network of real estate agents.
Huspy began its internationalization to Spain in 2022. The company recognized enormous opportunity in the country’s largely untapped real estate market, boasting over 200,000 registered agents. In just one year of being in the market, Huspy has quickly become one of the top three real estate brokerage firms in Valencia. Despite a short window of time, the company has allowed tremendous growth and expansion. Today, it’s the third-largest operator in six cities in Spain, a clear sign of its strength in the Spanish market.
Internationally, it announced a record 21% growth in Spain year on year. With that base-level strategy, it has grown to capture 30% of the entire UAE mortgage market. Third, in those same three years it achieved 25% share of the Dubai mortgage market. Huspy’s mission is to make digital tools available for home searching and acquiring mortgages. To date, it has enabled more than 25,000 people to buy homes throughout its multiple markets.
Huspy’s revenue has exploded, increasing over ten times since 2022. The company has supported nearly $7 billion in transactions the company has led. This milestone further cements its role as a critical partner in the real estate industry. This rapid expansion among AI companies has certainly caught the eye of investors. The new round of funding brought in heavy investments from prominent firms. Balderton Capital, Founders Fund and Peak XV Partners indicated their enthusiasm for the company with their investments.
“We’ve just been here longer, and in Spain, we have better efficiency,” said Jad Antoun, co-founder of Huspy. He stressed Huspy’s clear competitive advantage in each market. Equally important, he underscored the difficulties that future competitors would face if they sought to compete by offering similar mortgage products.
Much of the company’s success has stemmed from its cutting-edge approach to transit and strong operational practices. Rana Yared, a supporter of Huspy’s endeavors, remarked that the company has “built a repeatable and efficient playbook for city launches,” adding that their commitment to innovation has set a high standard within the industry.
