The Dubai-based proptech startup Huspy has raised a funding round led by VentureFriends with participation from Amir Farha (Cotu), B&Y Ventures, Plug and Play, alongside some of the largest regional family offices.
Huspy wants to curate and encourage the new wave of proptech to 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, alongside the ability to close the transaction three times faster than the traditional process. Since its launch, Huspy has already established itself as one of the most influential brokerages in the country, with over $200million in annualisd GMV, 150+ transactions, and growing 40%+ every month; with a primary focus on home buying and refinancing.Jad Antounsaid, Co-Founder and CEO, Huspy
“We’re tackling a massive market that is underserved with plans to go global,” Huspy co-founder and CEO Jad Antounsaid comments. “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 new funding to focus on investing in products and technology, whilst also aiming to double down on growth; with future plans to expand to new verticals and markets.
Khalid Ashmawy, co-founder and CTO of Huspy added “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 invested in recruiting 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), which became the fastest unicorn in Latin America; with a current value of $2.2billion.
Now VP of Growth and Operations of Huspy, Murilo Marques comments “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, VentureFriends
George Dimopoulos, co-founder, and partner in VentureFriends added “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 calibre 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.”
Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.