Property portal Bayut's parent company raises $100 million
The move marks Emerging Markets Property Group's fourth successful round of fundraising
Emerging Markets Property Group (EMPG), the parent company of Dubai's property portal Bayut, closed a $100 million investment in its latest and largest funding round.
The funds will be used for acquisitions and investments in new and existing markets in addition to strengthening the company's property portals’ competitive position, group chief executive Imran Khan said on Sunday.
EMPG’s Series D investment round was led by KCK Group, a Californian investment company, alongside eight other investors, including Exor Seeds.
"With a great team, years of learning and some of the largest investors in the world behind us, we are very well equipped to outpace our growth targets in 2019," said Haider Khan, chief executive of Bayut.
"With the conclusion of this round we will be looking to expand our geographical footprint,” he added.
To date, EMPG has raised a total of $160m. The group has a presence in 40 cities across the UAE, Pakistan, Bangladesh, Morocco, Spain and Romania, with more than 2,000 employees.
In addition to Bayut in the UAE, EMPG owns and operates Zameen in Pakistan, Bproperty in Bangladesh and Mubawab in Morocco.
Updated: February 3, 2019 02:43 PM