Huspy, the largest property technology companies in the United Arab Emirates (UAE), has closed $59 million in funding. This capital will serve to power its aggressive expansion into Europe. The company has been on an extraordinary growth trajectory since its founding just five years ago. Now, it’s looking to shore up its base in Spain, where the real estate market is highly fragmented and has over 37,000 registered agents.
Founded in 2018, Huspy has rapidly positioned itself at the forefront of the UAE’s burgeoning proptech scene. Despite only being in operation for three years, it has already claimed a startling 30% share of the UAE mortgage market. It asserts 25% of Dubai’s mortgage market over that same timeframe. This quick expansion has allowed the firm to help more than 25,000 people buy homes in each of its respective markets.
In 2022, Huspy launched its aggressive scaling plan into Spain, where they are now established in six key cities. The Spanish real estate market is home to over 100,000 registered agents. This is an incredible opportunity for Huspy to leverage its digital platform to simplify the home-buying experience and mortgage process.
Huspy’s momentum in Spain has been significant. Additionally, the company originally founded out of Berlin, now with international presence, reports more than 20x YoY growth since launching in the market. In less than a year of full operation, it has quickly grown to be one of the top three real estate agencies in Valencia by total transactions.
The pricey round was led by a consortium of famous investors, including Balderton Capital, Founders Fund and Peak XV Partners. Just in 2022, Huspy was able to raise more than $40 million in Series A funding. This investment has helped the company to improve its telehealth services and expand its geographic footprint.
Huspy’s approach marries cutting-edge digital tools with a robust operations game. The firm has developed a “repeatable and efficient playbook for city launches,” as highlighted by investor Rana Yared. Yared noted that Huspy’s pace of innovation—particularly around artificial intelligence tools for brokers and agents—is driving a higher standard across the industry.
The CEO of Dubai-based Huspy, Jad Antoun, credited his company’s tech-driven competitive advantage in the mortgage sector. “I think it’s going to be difficult for someone to compete on the mortgage product specifically across both markets,” he stated. He further elaborated on the company’s efficiency in Spain: “We’ve just been here longer, and in Spain, we have better efficiency.”
Huspy’s impressive growth trajectory extends beyond Spain. Since 2022, the firm’s revenue has multiplied more than ten times, enabling it to transact over $7 billion in transactions. This strong financial performance is a testament to Huspy’s mission to revolutionize the home buying and selling experience through technology.
Meanwhile, Huspy is quickly establishing its presence across Europe. The company’s ambition is to take its successful model from the UAE to the world, but for each new market they look to tailor their approach to the local challenges. The winning firm takes an innovative approach and scales it up quickly and more broadly. This strategy is poised to ensure that it becomes a extremely strong player in the European proptech space.
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