Emerging Markets Property Group (EMPG), the company that owns different property websites across the region including UAE’s Bayut.com has announced close of $50 million in Series D funding from undisclosed investors.
According to the statement by the company, the investment that is first close of a substantially larger round takes total funds raised by them to $110 million but what’s interesting is that they’ve never disclosed names of their investors.
EMPG currently has presence in 40 cities across UAE, Morocco where they recently acquired a local startup, Pakistan, Bangladesh, Spain and Roamnia with over 1,500 employees.
Haider Ali Khan, the CEO of EMPG, speaking about the investment said that $25 million of these funds will be deployed in UAE to focus on further consolidation where it competes against propertyfinder.ae, another very well-funded property portal that attracts more than 1.3 million visitors to its website every month compared to ~700,000 of Bayut.com.
The company aims to use rest of the fund to strengthen its ‘leading position’ in its other markets.
“EMPG’s growth has been comprehensive across all metrics, on the back of some of the world’s most advanced digital real estate platforms developed by our R&D teams,” said Haider Ali Khan.
“With a compounded annual revenue growth rate (CAGR) of over 100% over the last five years, more than 15,000 real estate agencies, and 8 million plus monthly visits across our portals, EMPG is ideally positioned for regional dominance,” he added.
Having raised $110 million (as claimed by the company), it is easily among the three best funded VC-backed companies from the Middle East & North Africa.
Latest posts by MB Staff (see all)
- Rush Brush witnesses increased consumer demand during pandemic - September 21, 2020
- Saudi angel groups Riyadh Angels and Najd Angels announce merger - September 14, 2020
- Kuwait’s Boutiqaat looking to raise fresh funds at a valuation of up to $1 billion: report - June 25, 2020