Dubai-based fintech and real estate investment platform Stake has raised $4 million in an initial funding round in order to expand its services to the customers.
The funding was led by Combined Growth Real Estate, a company helmed by Amer Hammour, who is the founder and chairman of US-based real estate investment management company Madison Marquette. It also attracted participation from Vivium Capital, a Dubai-based private family office, Verve Ventures, Lama Holding from Riyadh, and shareholders of the UK’s Chalgrove Properties.
The company said in a statement that the funds will be used to scale the business and launch new products and features, as well as to invest in sales and marketing as well as expand the current team of 15 to support the firm’s ambitions in technology, product development, and operations.
Furthermore, the startup is considering an expansion to Saudi Arabia and the UK, aided by the recent rise in the regional real estate market.
“Our shareholders believe that in today’s world there is a much better way of investing in real estate. Through Stake, we will enable anyone to participate in this asset class in an easy, transparent, and digital way. This fundraise allows us to build the go-to digital real estate investment platform for Dubai property and eventually the region. We are focused on bringing the best property investment deals to our clients.”
Manar Mahmassani, Co-founder of Stake noted, “When we launched Stake, we made clear our goal to democratize real estate investment and remedy to ills of Dubai’s property market, which prevented the young from participating and delivered unattractive returns for experienced investors.”
“Our shareholders believe in our vision for a world where real estate is a completely liquid and fully accessible investment asset class, available to everyone looking to preserve and grow their wealth. With this fundraise, we can accelerate our journey to radically improve the real estate investment market and bring this tangible asset into the new digital age,” Mr. Mahmassani added.
Launched in 2020, Stake provides a digital, “borderless”, marketplace to offer users affordable options for real estate investment. Based on DIFC’s Fintech Hive and regulated by the DFSA, the company enables users to browse pre-vetted selections of properties and invest from as little as $545 (AED 2,000).
The platform offers a safe, secure, and cost-effective way for anyone to get on the property ladder and begin building wealth through a varied portfolio of high-quality assets, which includes units in Downtown Dubai, Dubai Marina, and, shortly DIFC and City Walk.