UAE-Born Huspy Raises US$59 Million To Drive Global Growth

Expanding internationally is a dream for many MENA startups, but few make the leap as deliberately as Huspy. The UAE-born home buying platform, which is led by co-founder and CEO Jad Antoun, is not only live in the Emirates, but is rapidly growing in Spain as well, with Saudi Arabia as its next big focus.

The expansion follows Huspy’s US$59 million Series B raise in July this year, which was led by Balderton Capital, one of Europe’s leading venture firms, with returning support from investors like Peak XV, ExBorder Partners, Turmeric Capital, BY Ventures, Dara Management, and KE Partners, which is set to fuel the proptech startup’s growth across Europe and the GCC. 

So, what’s been key to Huspy’s ability to expand into such ambitious markets? According to Antoun, it all comes down to product-market fit as well as a disciplined expansion strategy. “Building an international technology business from the UAE and the Middle East has been one of our priorities from early on,” Antoun told Inc. Arabia. “Our growth in the UAE validated the need for our product. Spain was an optimal test to see if we can replicate the business, and we have been able to prove that. We are now on a journey to double down on our expansion in Spain, Europe, and KSA. With Huspy, home buyers now have one platform for financing and finding a home. Our tools also help mortgage brokers and real estate agents close transactions faster, while earning market leading commissions.” 

And while Huspy’s product model proved transferable across markets, Antoun says the team still had to navigate significant differences between the regions they operated in. “The real estate market in the UAE is more regulated and the government has done an incredible job with regulations, data availability and transparency,” Antoun said. “Europe is not as accustomed to rapid change and disruption as the UAE, and therefore, the real estate sector was very shocked by our speed and ambition. The fact that we are headquartered in Dubai and the UAE has played an important role in our success, as Spain and Europe view the UAE as a nation that leads in real estate and disruption.”

The key to success, according to Antoun, is in having a model that is scalable, but stays flexible. “We pride ourselves in having developed an operating model that is very scalable across markets,” he explained. “Having said this, we focus heavily on localization and adapting to local markets and cultures.”  

Jad Antoun, co-founder and CEO, Huspy, with Deputy CEO, Ziad Nassar. Image courtesy Huspy.

With Huspy thus gaining ground in Spain, Antoun noted that the stage is now set for its next major market in the GCC. “Saudi Arabia is not just the largest economy in the region, but one with significant untapped potential,” he said. “The property sector is anticipated to grow significantly, but the market lacks the technology solutions that can fast track growth. This is where we believe Huspy will play a major role, by connecting all stakeholders. Like any new market, we anticipate challenges, but we’re confident in our ability to execute. We have been very close to the KSA market for the past four years; so, we have a good understanding on where the market stands.” 

But Antoun’s ambitions for Huspy go far beyond individual market wins. “Our goal is to build the largest homebuying company in Europe and the Middle East,” Antoun declared. “With this in mind, you can expect to see Huspy in every major city in these two regions. Real estate is the least disrupted sector by technology globally, and we are on a journey to change this.”

This, in turn, ties into the long-term plans Antoun and his team have for Huspy. “Our vision is to build a global brand from the region,” he said. “That is why our choice of markets and expansion strategy has been deliberate. With over $7 billion in real estate transactions annually, and targeting to be in 10 cities by the end of the year, we believe we are on the right path. Our goal is to be in most major countries across the EMEA, servicing home buyers across 100 cities. In every city we launch in, our DNA is to fight for a market leading position against existing players, and this won’t change. It is this mindset that has helped us to scale our growth across markets rapidly.” 

In terms of advice for other regional founders looking to expand beyond the MENA with purpose and precision, Antoun cautioned against copy-pasting regional playbooks into new markets. “What works in the region may not necessarily work in Europe,” he pointed out. “We pride ourselves at Huspy in having developed a model that is very scalable across markets, but we focus heavily on localization and adapting to cultures and markets when expanding.”

Antoun also underlined the importance of being physically present when entering a new geography. “One of the biggest learnings is that expansion cannot be driven remotely, which is why from day zero, we had a team on the ground composed of both team members from HQ and local talent led by our Deputy CEO, Ziad Nassar,” he said. “Understanding the markets and culture to ensure we stay relevant for our stakeholders, whether they are home buyers, mortgage brokers or real estate agents is non-negotiable.” 

At the end of the day, Antoun underscored the fact there are plenty of opportunities beyond the MENA that are ripe for the taking—and founders from the region simply need to think bigger and aim further. “MENA entrepreneurs need to definitely start thinking beyond the region if they have the opportunity, both from a sector and capital perspective,” Antoun noted. “I think there is enough talent in this part of the world to compete on a global scale and build larger businesses.”  

Pictured in the lead image is the co-founder and CEO of Huspy, Jad Antoun. Courtesy of Huspy.