UAE property portal Bayut raises $9m for expansion
The investment was made into Zamzama Property Group, which also owns a property portal in Pakistan, besides the UAE's Bayut
UAE based property website, Bayut, wrapped up an investment round with $9m in new capital from three global investment funds to fuel growth into newer markets.
The investment has been made into Bayut’s holding company Zamzama Property Group, which also controls Zameen, a Pakistan based online property portal.
With this round, Vostok New Ventures' managing director, Per Brilioth, has also joined Bayut’s board of directors.
Vostok was one of the three funds that participated in the $9m venture round.
Bayut CEO Haider Ali Khan said the venture capital was an ace up the portal’s sleeve as it was primed for launch across Middle Eastern markets.
“Bayut has been busy working on its business intelligence and gathering quality resources for expansion into Saudi Arabia and other GCC markets," Khan said.
"The results have been overwhelming and, with the right people on board who possess the right know-how for expanding into new markets, we’re set to move forward aggressively," he added.
Over the last year, Bayut reported at least 100% year-on-year growth in all metrics, including paying agencies and traffic, while its competition remained largely stagnant in the face of a slow UAE market.