Stake, the Dubai-based PropTech startup, has raised $4 million in a seed round led by Combined Growth Real Estate. Significant contributions were made by multiple investors including private family offices, Verve Ventures, Vivium Capital, and Lama Holding, among others.
The funding comes at a time when property transactions in the UAE are already regaining momentum and are at the almost same level as in the pre-COVID real estate market. The Kingdom’s prompt handling of the COVID crisis played a big role in this quick revival.
The startup, launched in 2020, plans on using this fund to further scale and enhance the platform. Multiple new products and features are currently in the pipeline as the company braces to invest more aggressively in marketing and sales. Additionally, the new capital will also help Stake to increase its workforce as and when required.
Following the success of the seed round, Stake co-founder Rami Tabbara noted: “Our shareholders believe that in today’s world there is a much better way of investing in real estate. Through Stake, we will enable anyone to participate in this asset class in an easy, transparent, and digital way. This fundraise allows us to build the go to digital real estate investment platform for Dubai property and eventually the region. We are focused on bringing the best property investment deals to our clients.”
Stake has so far had a brief but impressive run with more than 4,000 registered users from more than 54 nationalities. The company also claims to have a record 30$ month-on-month increase in sales.
If everything goes as per plan, Stake could soon make inroads into Saudi Arabia, and then into the UK.