Dubai-based company Property Finder, the largest real estate platform in the region, raises $120 million in investment led by the private equity firm General Atlantic. The firm has also acquired a minority stake in Property Finder, although the exact size of the stake wasn’t disclosed, but CEO Micahel Lahyani, mentioned that it comes at a valuation that’s close to $500 million.
Michael Lahyani, Property Finder’s Chief Executive mentioned to Reuters that the money would be used to invest in product and technology, in addition to expanding its brand in its existing markets including Saudi Arabia, Bahrain, Egypt, Turkey, UAE, Qatar, Lebanon, and Morocco.
“We want to continue building the best product and data information available to the public,” Michael Lahyani said.
Furthermore, he stated that the company is considering adding about 200 employees to its 450 workforce by the end of 2019.
Last but not least, Chris Caulkin, General Atlantic’s head of technology for Europe, the Middle, East, and Africa, is planning to join Property Finder’s board right after the investment round.