UAE’s real estate portal Bayut.com has wrapped up an investment round with $9 million 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.com, Pakistan’s leading property portal.
Bayut recently welcomed industry leaders Simon Baker, Roland Tripard and Gilles Blanchard into its team, all with proven business leadership in the industry.
With this round, Vostok New Ventures Managing Director Per Brilioth has also joined Bayut’s board of directors. Vostok was one of the three renowned funds that participated in the $9 million venture round.
Bayut CEO Haider Ali Khan says the venture capital is an ace up the portal’s sleeve as it is 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. 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,” says Mr Khan.
The portal has exhibited considerable growth and racked up impressive numbers. Over the last year, it returned over 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.
Bayut’s Chairman Gilles Blanchard, a leading figure in the international property portal arena, says the portal is well prepared to initiate a launch into nascent Middle Eastern markets.
“Bayut not only has the best brains in the business, but also boasts the requisite expertise and resources for providing the best solutions to the industry’s needs. With the excess capital at our disposal, we are going to invest further in technological innovation and providing an unprecedented quality of service in the markets we tap into,” he adds.
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