Huspy raises Seed round

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  • Hind Al Soulia - Riyadh - -based property technology (proptech) and digital brokerage startup Huspy has raised a Seed round led by VentureFriends, with participation from Amir Farha, B&Y Ventures, and Plug and Play and some regional family offices. The amount raised was not disclosed.

  • Launched in 2020 by Jad Antoun and Khalid Al Ashmawy, Huspy offers a licensed mortgage platform offering digital financing. It claims to be the largest brokerage in the UAE with more than $200 million in annualized GMV.

  • Huspy plans to use the funding for regional and global expansion, as well as advancing its products and technology. 

Press release

Huspy, a Dubai based PropTech startup has raised a funding round led by VentureFriends with participation from Amir Farha (Cotu), B&Y Ventures, Plug and Play and some of the largest regional family offices.

Huspy wants to build the new wave of PropTech and disrupt the real estate industry starting with home financing. Launched in August 2020 by CEO Jad Antoun and CTO Khalid Al Ashmawy, the company is starting with a web and app-based licensed mortgage platform that offers home financing with no paperwork involved.  Huspy promises customers a quote with the best price guarantee in under one minute and the ability to close the transaction three times faster than the traditional process. Since its launch, Huspy is already one of the largest brokerages in the country with $200m+ in annualized GMV, 150+ transactions and growing 40%+ every month with the main focus on home buying and refinancing.

Jad Antoun, co-founder and CEO of Huspy said: “We’re tackling a massive market that is underserved with plans to go global. The home-buying transaction is broken where it takes consumers two months to finance their house and where the majority overpay for their mortgage. This problem is present globally but more abundant in emerging markets and we want to solve it.”

Huspy plans on using the funding to focus on investing in products and technology, and double down on growth with plans to expand to new verticals and markets.

Khalid Ashmawy, co-founder and CTO of Huspy said: “The team has built tools and systems to leverage technology in a highly operational business and give us the ability to scale this business in a significant way giving our team a powerful edge over any competition. We also designed our systems in a way where we can launch in new markets quickly so we’re ready for international expansion.”

The company has also recruited a top-tier team with solid experience in PropTech and Fintech, from Loft, Revolut and Nubank including Murilo Marques, former director of growth at Loft (and first growth hire), the fastest unicorn in LATAM, valued at $2.2bn.

Murilo Marques, now VP of Growth and Operations of Huspy said: “The MENA region is the next market to be distributed by PropTech startups and we want to be at the forefront of innovation. We come with a lot of experience in this space and we’re confident in our ability to deliver a very strong value proposition to the customer.”

George Dimopoulos, co-founder, and partner in VentureFriends said: “MENA is a fantastic market for us having a very positive experience from our involvement with Instashop and Justmop. We believe Huspy will be another great investment for VentureFriends because it tackles a real problem of a very big market! Jad and Khalid were impressive during our initial discussions while their successful efforts to attract talent internationally underlines the caliber of the team and the potential of the business. Very excited to be part of this journey and looking forward to assisting people with securing the best mortgage solution for them.”

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