INSUBCONTINENT EXCLUSIVE:
discrepancy when it came to listings
Such experiences led Jad Antoun to start Huspy, a startup streamlining how people in the UAE buy homes digitally.Over the past five years,
the company has grown into one of the largest proptechs in the UAE, and has expanded into Spain, by providing digital tools for finding
homes and obtaining mortgages.Huspy just closed a $59 million Series B to double down on operations across the Middle East and expand its
European presence, led by existing investor Balderton Capital and Peak XV.In 2022, Huspy raised over $40 million in Series A and an
NewsRoom in an interview.This investment is significant because proptech has been a tough sector over the past couple of years
Companies like Opendoor and Compass have struggled to maintain valuations and profitability amid higher U.S
Yared, general partner at Balderton Capital.Antoun said Huspy he learned through his first market in the UAE how to target pain points in a
He struck partnerships with leading banks and introduced digital pre-approvals on a platform connecting brokers and borrowers.Within three
That traction, and the exclusive banking relationships it built as a result, became a springboard for expansion.In 2022, it began scaling
into Spain, a fragmented real estate market with over 100,000 registered agents, according to Antoun.Rather than owning inventory like
iBuyer models or operating as a traditional brokerage, Huspy runs a network-based model across the UAE and Spain
Freelance agents use the platform to access property leads from marketplaces like Property Finder and Idealista, while Huspy provides CRM
for real estate more than Zillow.Antoun, previously on the investment team at Dubai-based early-stage VC Beco Capital, and deputy CEO Ziad
mid-sized cities with high transaction volume and low agent efficiency, build supply through marketplace partnerships, onboard
top-performing agents onto the platform, and layer in mortgage distribution.In under a year, Huspy claims to be one of the top three real
estate companies in Valencia by transaction volume
across its markets and has grown revenue more than 10x since 2022
The platform, which earns revenue through commissions and success fees, usually from real estate agents and banks, facilitates over $7
billion in transactions.Over the next four years, the company plans to launch in most major cities across Europe and the Middle East, a
region currently having its proptech moment, with another major player, Nawy, also raising a significant round this year
Huspy plans to operate in over 10 cities by the end of 2025.
