Dubai-Based Real Estate Platform Stake Raises $8 Million Pre-Series A
Founded in 2020 by Rami Tabbara, Manar Mahmassani and Ricardo Brizido, Stake aims to facilitate investments in income-generating properties in Dubai by providing affordable and transparent solutions.
Stake, a Dubai-based real estate fintech platform, has raised $8 million in a Pre-Series A round led by MEVP and By Ventures, alongside participation from existing investors Vivium Holding and Combined Growth Real Estate. This latest funding follows a $4 million seed round in June 2021, bringing the total raised to over $12 million.
Founded in 2020 by Rami Tabbara, Manar Mahmassani and Ricardo Brizido, Stake aims to facilitate investments in income-generating properties in Dubai by providing affordable and transparent solutions on its platform.
“Investors in the region and beyond deserve a more transparent, digital-friendly means of investing in real estate," the co-founders tell StartupScene. "This round is a testament to our mission at Stake to bring access and liquidity to the oldest, largest, and most sought-after asset class in the world. 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 startup expects to see continued growth on its platform, particularly as regional investors look to real estate for stability to counter today’s volatile and uncertain global markets. This real estate surge has prompted Stake to enter Egypt and Saudi Arabia by Q1 2023. The new capital raised will be used to advance the startup’s technology platform and expand its operations across the region. The UAE VC ecosystem is the most funded geography in MENA this year.
According to Magnitt’s UAE Q1 2022 Venture Investment Report, the country witnessed QoQ growth of over 70% growth in funding this year. Investor interest in the UAE was largely driven by the country’s adoption of digital solutions in various sectors. In real estate, some platforms leading this change include Egypt's online property platform Nawy, which raised $5 million in a Seed round; Dubai’s proptech Houza, which raised $5.5 million in pre-Series A round; and UAE’s Huspy, which raised $37 million in a Series A round.