Stake Secures $14 Million in Funding to Expand into Saudi Market
Stake, a leading FinTech platform revolutionizing real estate investment, has successfully raised $14 million in a recent funding round. This investment was spearheaded by Middle East Venture Partners (MEVP) and saw participation from prominent investors such as Aramco’s Wa’ed Ventures, Mubadala Investment Company, Al Jomaih Holding, and the US-based private investing platform Republic.
Achievements and Ambitious Plans
Over the past three years, Stake has made remarkable strides in the Dubai real estate market, attracting over 500,000 users to its platform. With this fresh injection of capital, Stake aims to extend its innovative investment opportunities to Saudi Arabia, making it the first platform to allow individuals outside the Kingdom to invest in Saudi real estate. This expansion is poised to tap into the significant growth potential of the Saudi market, which is a key area of interest for both regional and international investors.
Strategic Use of Funds
The newly acquired funds will be allocated towards several key areas:
- Expansion into Saudi Arabia: Offering investment opportunities to a broader audience.
- Growing the Investor Pool: Attracting more investors to diversify their portfolios.
- Enhancing the Platform: Introducing new investment options and scaling the team to maintain its market-leading status.
Stake’s unique approach enables global investors to engage in fractional ownership with an entry point as low as AED 500, thereby democratizing real estate investment in the region.
Leadership and Vision
Rami Tabbara, Co-Founder & Co-CEO of Stake, emphasized the significance of the funding round, stating, “We are honored to have the support of top-tier investors who believe in our vision. This investment strengthens our commitment to broadening our product offerings and providing prime investment opportunities. Our goal is to fully digitize the real estate investment process, making it accessible, transparent, borderless, and liquid.”
Co-Founder & Co-CEO Manar highlighted the strategic importance of entering the Saudi market, noting, “With Saudi Arabia projected to grow by 6% in 2025, becoming one of the fastest-growing G20 economies, we are excited to offer our users the chance to invest early and benefit from this growth. This funding round marks a pivotal moment in our journey as we expand into this dynamic market with the support of strong institutional and sovereign investors.”
Investor Confidence and Support
The funding round has garnered enthusiastic support from investors. Walid Mansour, Co-founder & Co-CEO of MEVP, expressed confidence in Stake’s potential, saying, “We are thrilled to back Stake in their Series A round. Their achievements in the past three years are exceptional, and we believe our strategic funding will help propel their success in the region.”
Fahad Alidi, Managing Director at Wa’ed Ventures, echoed this sentiment, adding, “Stake’s expansion into the Saudi market will allow a broader range of investors to diversify their portfolios with high-potential rental properties. The team, led by Rami, Manar, and Ricardo, is reshaping the real estate market by democratizing access to an asset class traditionally reserved for high-net-worth individuals.”
Stake’s Impact and Recognition
Since its inception in 2021, Stake has transformed the Dubai real estate market by enabling global investors to participate in fractional ownership of properties. The platform has facilitated the sale of over 200 properties worth AED 355 million and surpassed 100,000 transactions as of May 2024. Earlier this year, Stake was recognized as a Rising Star by the Deloitte Technology Fast 50 list across the Middle East and announced a strategic partnership with Republic to offer US and UK investors access to the real estate markets in the UAE and Saudi Arabia.
Source: fintech Global