History
The company was launched in the UAE in 2005 as Al Bab World, a print real estate magazine. In 2007, the Australian REA Group Ltd acquired a 51% stake in the company, which was then renamed Property Finder. Property Finder was subsequently purchased in 2010 by its founders, Michael Lahyani and Renan Bordeau. [3]
In 2012, Property Finder launched its first international website in Qatar. In 2013, the company expanded into Bahrain and Egypt, then into Saudi Arabia in 2014, [4] [5] [6] [7] and, in 2017, into Turkey when the company acquired a 17% stake in the Turkish real estate portal "Zingat". Two years later, Property Finder's stake increased to approximately 40%. [8]
In 2019, Property Finder acquired its UAE-based competitor, JRD Group, which operates "JustProperty", In 2022, [9] it acquired Dubai-based "Homevalue", fully integrating the startup's business and products. [10]
Digital portal
Property Finder launched its portal in October 2017, The company has 300 employees in the MENA region, and its website has become the largest real estate portal in the UAE, with 1,000 brokers and real estate developers listing properties on the site. [11] [12]
Investments
In 2013, Property Finder closed a "Series A" funding round led by BECO Capital, a Dubai-based VC firm. [13] In 2016, the group raised $20 million from the sale of a 10% stake to the Swedish-listed investment firm Vostok New Ventures (now VNV Global). [14] In 2018, Property Finder raised $120 million from the US private equity firm General Atlantic. [15]
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