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The Dubai-based fintech start-up Stake has raised $14 million in a Series A funding led by MEVP (Middle East Venture Partners), a UAE venture capital firm, with participation from Abu Dhabi’s sovereign-backed Mubadala Investment Company, and Wa’ed Ventures, a unit of Saudi Aramco.
Other key investors include Al Jomaih Holding, a family conglomerate in Saudi Arabia, and Republic, a US-based private investing platform. Details of the investment were not disclosed.
Stake, a digital platform for real estate investment, has said the funds will be utilised to fuel its expansion in the UAE and Saudi, allowing for foreign investors to tap into the kingdom’s booming real estate sector.
The company, launched in 2021, added that the funds will also be allocated to expand its investor pool and bring new investment opportunities on the platform.
“KSA [Kingdom of Saudi Arabia] is forecast to grow by 6% in 2025 making it one of the fastest growing G20 economies in the world. We want to give both our local and international users the opportunity to invest early and participate in that growth,” said Stake co-founder and co-CEO Manar Mahmassani.
Stake allows for global investors to engage in fractional ownership in real estate with an entry point of 500 UAE dirhams. The company said it has over 200 properties worth AED 355 million sold via its app and over 50% of their investors coming from outside of the UAE.
(Writing by Bindu Rai, editing by Brinda Darasha)
