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Dubai-based start-up Stake has raised $8 million in a pre-series A funding round, the largest capital raised by a real estate investment platform in the Middle East and North Africa (MENA) region.
The latest funding is backed by venture capital firms MEVP and By Ventures, as well as returning investors Vivium Holding and Combined Growth Real Estate.
It follows a $4 million seed round that the company closed in June 2021, bringing the total raised funds to more than $12 million.
The company operates a digital platform that allows investors to invest as low as AED500 ($136.13) to own shares of income-generating properties in Dubai, without having to buy an entire apartment or villa or raising large amounts of upfront capital.
It said it will use the new capital in advancing its product and technology, upscaling its brand and expanding its operations in the region.
The real estate fintech platform has around 42,000 users from more than 80 countries and 150 nationalities. It has posted an average 17% monthly growth rate in both investors and assets under management (AUM) and 500% overall growth in AUMs in the past 12 months.
(Writing by Cleofe Maceda; editing by Seban Scaria)
