Technology startups in the UAE are booming with success stories of homegrown brands. In the UAE real estate market, Bayut has shown strength as the frontrunner by cementing itself as a trailblazer and leading property portal. As a testament to its success, Bayut’s parent company Emerging Markets Property Group (EMPG) has closed $100M in its latest and largest round of investment funding!
The announcement to allocate funds to consolidate Bayut’s leading position in the local real estate sector comes at an opportune time. Investor interest in the UAE property market is high following the new 10-year residency visa and 5-year retiree visa laws announced last year and the highly-awaited Expo 2020 less than a year away. The increase in demand for UAE real estate provides an excellent chance for Bayut to build on its services and provide an exceptional experience for customers.
The latest EMPG funding round is part of its Series D investment. It was led by KCK Group while eight other investors, including Exor Seeds, participated in the round. KCK Group is an investment fund which focuses on diverse sectors including life sciences, energy and industrial technologies. Exor Seeds is affiliated with Exor, the holding company controlled by the Agnelli family. Exor is one of Europe’s leading diversified holding companies with a net asset value of over $24B. They have invested in a distinguished portfolio including names such as Ferrari, Fiat Chrysler Automobiles, Juventus FC and The Economist.
Haider Ali Khan, CEO of Bayut, was pleased with the result of the latest EMPG investment round and has indicated that the Bayut funding will be allocated to the areas necessary for the portal to become the undisputed leader in the UAE real estate market.
“Bayut has enjoyed tremendous success over the last few years and this fundraising is a testament to our growth as an organization and a brand in the UAE.” said Haider Ali Khan, ”With the fastest portal in the world and the most advanced technological platform, we look forward to further consolidating our position in the UAE in 2019 by providing best-in-class experience to our consumers and clients.”
He also assured that with their skilled team, experience in the UAE property market and backing by some of the largest investors in the world, Bayut is well-equipped to outpace its growth targets in 2019.
In addition to Bayut.com in the UAE, EMPG owns and operates Zameen.com in Pakistan, Bproperty.com in Bangladesh, and Mubawab.ma in Morocco, all of which are leaders in their respective markets. Bayut.com is a top UAE real estate portal and has gained a prominent position over a short span of time.
EMPG has dominated the MENA and South Asia regions with cutting-edge property portals and innovative digital solutions. The group also has a readership of nine million and has generated total group leads of an astounding 10 million. To date, EMPG has a raised $160M in investment funding, making it the most-well funded real estate tech company in the region. It gives the group ample opportunity to strengthen the portals’ positions in their respective markets.
The Group CEO, Imran Ali Khan, has said that the funds raised from EMPG investment round would be used for acquisition, investment opportunities and further technology development.
“Emerging Markets Property Group has grown from strength to strength by adding value to real estate markets through our unique business models and bespoke technology platforms, and with the conclusion of this round we will be looking to expand our geographical footprint,” he added.
As the UAE real estate market has evolved, Bayut has kept in time with the changes by catering to the growing needs of the population. Bayut provides regular market reports, current price trends and in-depth area guides for its customers to make an informed decision. With the new EMPG investment round, Bayut funding will see an increase and give the portal a prime opportunity to expand its services further.