Huspy, one of the UAE’s top real estate tech companies, has closed a $59 million funding round. This investment will significantly increase its operations throughout Europe, most notably in Spain. Since launching five years ago, Huspy has become one of the biggest proptech companies in the UAE. The company is pushing change across the real estate landscape with its creative digital solutions.
The company officially announced its expansion into the Spanish market in 2022. It sought to leverage a highly fragmented real estate market of more than 100,000 registered real estate agents. According to Garcia, Huspy is currently operating on fire in six major Spanish cities. Since bursting onto this competitive marketplace, it has continued to impress with year-on-year growth of more than 20%. In less than a year, it has exploded to be one of the three largest residential real estate firms in Valencia. This remarkable accomplishment has already earned it a top spot in the region by transaction volume.
Huspy’s approach extends even further with their digital solutions that streamline the entire process to find an available home and receive a mortgage quickly and efficiently. Looking back on everything the company has accomplished since its inception, that’s pretty mind-blowing for a startup. Within three short years, it gained 30% share of the overall UAE mortgage market and 25% share of Dubai’s mortgage market. So far, Huspy has helped close north of $7 billion transactions in value. It has assisted over 25,000 people in buying homes in emerging, stable and declining markets.
Last year, Huspy attracted more than $40 million in Series A funding. Since then they’ve managed to raise a bridge round from notable investors including Balderton Capital, Founders Fund and Peak XV Partners. The new capital will be instrumental for Huspy’s strategic plan to scale its activities throughout Europe. It will further allow the company to capitalize on its proven track record in the UAE.
Huspy’s competitive advantage in each of the two countries is what attracted co-founder, Jad Antoun, to the startup. He stated, “I think it’s going to be difficult for someone to compete on the mortgage product specifically across both markets.” Antoun credits some of this advantage to their longer-established footprint and greater operational efficiency in Spain.
This is complicated by the specific conditions of the Spanish real estate market, characterized by its highly fragmented territorial structure. On the flip side, Huspy’s gameplan is being armed with a solid playbook for getting operations kicked off in new cities. Rana Yared, a partner at one of Huspy’s investors, commented on the company’s innovative approach, stating they have “built a repeatable and efficient playbook for city launches, and their pace of innovation — especially around AI tools for brokers and agents — continues to raise the bar for the entire industry.”
Huspy’s top line growth has been outstanding, with revenues growing over 10x since 2022. This trajectory highlights the strength of the company’s business model. Perhaps more importantly, it points to its capacity to keep succeeding as it opens up shop further afield in Spain and across the Iberian Peninsula.
