UAE Proptech Startup Huspy Raises $59M to Accelerate European Expansion

In 2020, securing a mortgage in Dubai often meant endless paperwork and unpredictable property prices. These challenges inspired Jad Antoun to launch Huspy, a proptech company dedicated to simplifying the home-buying process in the UAE. Over the last five years, Huspy has become a prominent player in the UAE’s real estate technology scene and recently entered Spain, offering digital tools for property searches and streamlined mortgage approvals.

Huspy's Funding and Strategic Expansion

Huspy has now secured $59 million in a Series B funding round led by Balderton Capital, focusing on expanding operations across the Middle East and targeting additional growth in Europe. Earlier, the startup raised more than $40 million in its Series A, supported by a global lineup of investors including Founders Fund and Peak XV Partners (formerly Sequoia Capital India & SEA). The latest investment will drive Huspy’s continued growth in the UAE and Spain, as well as fuel its expansion into Saudi Arabia.

Investors such as ExBorder Partners, Turmeric Capital, COTU Ventures, BY Ventures, Dara Management, and KE Partners have joined the round. According to Antoun, the new funding is set to support not just geographic expansion, but also the development of advanced digital solutions for buyers and real estate professionals alike.

Challenging the Proptech Landscape

This significant investment comes at a time when the proptech sector has seen volatility, particularly in the US, where companies like Opendoor and Compass have struggled with profitability challenges amid shifting interest rates. Many startups have burned through cash without achieving sustainable growth. Huspy’s approach has drawn attention for its repeatable strategy for launching in new cities and its focus on innovative AI-driven tools for real estate agents and brokers.

Building a Scalable Model

From the outset in the UAE, Huspy forged key partnerships with local banks and introduced rapid digital mortgage pre-approvals. By acting as a connector between homebuyers, real estate brokers, and financial institutions, the company simplified an often complex process. Within just three years, Huspy claimed a 30% share of the UAE mortgage market, including 25% in Dubai—one of the world’s largest real estate hubs. These achievements helped pave the way for international growth.

Huspy’s expansion into Spain in 2022 marked a strategic move into a diverse, highly fragmented market featuring more than 100,000 real estate agents. Instead of owning property like iBuyers or operating traditional brokerages, Huspy operates a network-driven model. Freelance agents utilize Huspy’s platform to access exclusive leads, manage transactions, and access integrated mortgage solutions offered through its banking partners. This lean, technology-powered approach keeps costs low and efficiency high — akin to the Uber model adapted for real estate.

Market Traction and Growth Strategy

In less than a year, Huspy became one of Valencia’s top three real estate companies by transaction volume and now operates in six Spanish cities, where it boasts over 20x year-on-year growth. The company’s founders, including Antoun and deputy CEO Ziad Nassar (who leads European operations), have refined a replicable market entry formula: target mid-sized cities with high transaction activity but low agent productivity, establish marketplace partnerships, recruit top agents, and layer in financial products.

As of today, Huspy states it has facilitated over 25,000 property purchases, processed more than $7 billion in real estate transactions, and increased its revenue tenfold since 2022. The firm plans to launch in additional European and Middle Eastern cities, with ambitions to operate in at least 10 by the end of 2025.

Deep Founder Analysis

Why it matters

The rapid ascent of Huspy highlights a broader trend of digital transformation in traditional industries like real estate, particularly in emerging markets. Their traction signals a global appetite for platforms that streamline complex processes, offering lessons for founders looking to disrupt other legacy sectors. By making mortgage and home-buying processes more transparent and technology-driven, Huspy is setting a precedent for proptech innovation in underserved regions.

Risks & opportunities

Market volatility and shifting interest rates pose significant risks for any proptech startup, and international expansion introduces layers of regulatory complexity. However, Huspy’s model demonstrates opportunity in targeting under-digitized markets with high transaction volumes and low agent efficiency. Similar network-driven models could gain traction in sectors like insurance or automotive sales, where process pain points are widespread. Startups should be wary of over-extending before establishing defensible market share and strong local partnerships.

Startup idea or application

Inspired by Huspy’s approach, a founder could develop a SaaS or marketplace platform that connects freelance industry professionals (such as mortgage brokers or insurance agents) with clients in emerging markets, integrating digital compliance and cross-border payments. Tailoring solutions for regulatory nuances and building scalable local partnerships would be key differentiators for success.

Proptech Real Estate Startups UAE Expansion

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