Dubai-based fintech and real estate investment platform Stake has raised $8 million in a pre-series A funding round in order to expand into new markets.
The funding round was backed by Dubai-based venture capital firm Middle East Venture Partners (MEVP) and BY Ventures, along with returning investors Vivium Holding and Combined Growth Real Estate.
The company plans to invest the new capital in advancing its product and technology, upscaling its brand, and expanding operations into Saudi Arabia and Egypt by the first quarter of 2023.
Mr. Rami Tabbara, Mr. Manar Mahmassani, and Mr. Ricardo Brizido, co-founders of Stake, said that “Investors in the region and beyond deserve a more transparent, digital-friendly means of investing in real estate. 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.”
The latest funding follows a $4 million seed round closed in June 2021, bringing the company’s total raised funds to over $12 million.
“We believe that the future of property investment is digital, fractional, and hassle-free. The team at Stake has enabled thousands to become real estate investors and we are excited to partner with them as they scale in MENA,” commented Mr. Riyad Abou Jaoudeh, Partner at MEVP.
Stake has a base of 42,000 users from over 80 countries and 150 nationalities. It currently employs over 30 people.
“Additionally, it has registered an average monthly growth rate of 17 percent in both investors and assets under management (AUM), and a 500 percent overall growth in AUMs in the past 12 months alone,” according to the statement.