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Aramco’s Wa’ed Ventures invests in UAE’s fintech startup Stake: Dubai-based proptech startup Stake raised USD 14 mn in series A funding that saw the participation of Aramco-backed VC fund Wa’ed Ventures to enter the Kingdom this year, according to a statement. The funding round was led by Middle East Venture Partners and saw participation from local leading family conglomerate Al Jomaih Holding, UAE’s Mubadala and US-based private investment platform Republic. Stake previously raised USD 8 mn in 2022.
The funds will help finance expansion to Saudi: Stake will use the funds to expand into the Saudi market to become the first platform to allow individuals outside of the Kingdom to invest in real estate here. The company also plans to use the funding to grow their pool of investors, introduce new investment opportunities to its users, and scale its team.
About Stake: Founded in 2020 in the UAE by Rami Tabbara (Linkedin), Manar Mahmassani (Linkedin), and Ricardo Brizido (Linkedin), the digital real estate investment platform is designed to facilitate investments from overseas investors into local real estate. It saw over 200 properties worth AED 355 mn sold through its app, and has amassed over 500k users, the startup said.
How does it work? The proptech company allows investors to purchase fractions of property, and earn income on a monthly basis, according to Techcrunch. The digital platform caps investments at 33% ownership in each property to spread out rental income across users.
What they said: “KSA is forecast to grow by 6% in 2025 making it one of the fastest growing G20 economies in the world. We want to give both our local and international users the opportunity to invest early and participate in that growth,” Stake cofounder & co-CEO Mahmassani said.
It’s not the only UAE proptech eyeing Saudi: Dubai-based Digital mortgage platform Holo recently closed a pre-series A round that will help it expand into the Kingdom and grow its presence across the GCC.
IN OTHER NEWS FROM STARTUP LAND-
#1- MSA Novo — an Abu-Dhabi-based emerging markets-focused venture capital firm — and King Abdullah University of Science and Technology inked an MoU that will see them partner up for “joint investment initiatives” and develop startup accelerator programs here at home, according to a statement. The agreement also includes facilitating access to research, mentorship, entrepreneurship education, and technology transfer.
#2- Educational startup Tahdir raised SAR 1.2 mn (c. USD 320k) in its inaugural pre-seed funding round from a group of angel investors, Waya reported. The funds will be channeled to fuel Tahdir’s expansion beyond Al Ahsa — where it currently operates — to other regions in the Kingdom
About Tahdir: Founded by Mohammed Al Doukhi and Khalil Al Haid, Tahdir provided automated tools for daily school and educational management to ensure educational integration between school and home. It serves 92 schools with more than 30k users on the platform.
