Property Finder Raises $120 Million from General Atlantic with Participation from Endeavor Catalyst
Middle East real estate classifieds website Property Finder raised $120 million from General Atlantic, with participation from Endeavor Catalyst and existing investor Vostok New Ventures, bringing the company’s total value to close to $500 million.
General Atlantic acquired a minority stake in Property Finder with the investment, which will be directed to expanding product and technology, as well as growing the brand in its existing markets of Saudi Arabia, Egypt, Turkey, the United Arab Emirates, Qatar, Bahrain, Lebanon and Morocco.
“We want to continue building the best product and data information available to the public,” Property Finder CEO and Endeavor Entrepreneur Michael Lahyani said.
The investment will also allow Property Finder to continue growing its staff, and the company expects to add about 200 employees to its workforce of 450 by the end of next year.
Founded in 2007, Property Finder became UAE’s first online real estate catalog. Property Finder was selected into the Endeavor network as Endeavor Dubai’s first company in December 2013 with nearly $200 million in revenues already. Since then, with Michael at the helm, Property Finder has been growing steadily: the company has been profitable for the past four years and generates 6 million monthly website visits.
As an Endeavor Entrepreneur, Michael has also contributed time as a mentor to other entrepreneurs in the network, and has even invested in Endeavor Catalyst himself. Michael participated in the first Endeavor Outliers event, which brought together top Endeavor Entrepreneurs from around the world to share peer-to-peer support and connect with some of the network’s top global mentors.
Read more about the investment in Reuters’ coverage here.