In 2020, applying for a mortgage in Dubai was an arduous experience, typically marked by extensive paperwork and inconsistent pricing among listings. Frustrated by this inefficient process, Jad Antoun decided to launch Huspy, a proptech startup designed to simplify and digitize the home-buying journey for consumers in the UAE.
Since its inception five years ago, Huspy has rapidly evolved into one of the region’s major proptech platforms, transforming the way prospective homeowners discover properties and secure mortgages. After substantial initial growth in its home market, Huspy expanded into Spain, further broadening its reach.
Now, Huspy has successfully raised $59 million in a Series B funding round, led by existing backers including Balderton Capital and Peak XV. This fresh capital will fuel the firm’s continued expansion across the Middle East, accelerate operations in Spain, and assist with a planned entry into Saudi Arabia.
The Series B fundraising follows Huspy’s significant Series A round in 2022, when it secured more than $40 million from prominent international investors, such as Founders Fund, Balderton Capital, and Peak XV Partners (formerly known as Sequoia Capital India & SEA). Additional investors participating in Huspy’s latest round include Exor Ventures, Turmeric Capital, BY Ventures, Dara Management, and KE Partners.
Huspy’s approach differs from traditional real estate firms and costly inventory-holding models like iBuyers. Instead, it adopts a network-driven model similar to an “Uber for real estate,” wherein independent agents leverage the Huspy platform to access leads from marketplaces like Property Finder and Idealista. On the backend, Huspy provides essential tools such as customer relationship management software, integrated transaction support, and mortgage solutions in partnership with leading banks.
Having captured roughly 30% of the total UAE mortgage market within three years—including 25% of Dubai’s market—Huspy leveraged this momentum to scale into Spain in 2022. Spain’s property sector is characterized by a highly fragmented market of over 100,000 registered agents, creating a substantial opportunity for Huspy’s digital-first model. Within a year of operations, Huspy rose rapidly to become one of Valencia’s top three real estate transaction platforms, now active in six Spanish cities with over 20-fold year-over-year growth.
This substantial traction is noteworthy given the broader struggles faced by proptech companies in recent years. Firms such as Opendoor and Compass have faced declining valuations and profitability challenges amid a high-interest-rate environment, leading many to rapidly deplete resources without reaching sustainable scale. Despite these challenges, Huspy claims that its revenue has surged by more than tenfold since 2022, enabling approximately 25,000 home purchases and handling transactions valued at more than $7 billion.
Balderton Capital’s general partner Rana Yared praised Huspy, highlighting the company’s speed of innovation—especially with artificial intelligence tools designed for real estate brokers—as setting a new benchmark for the industry. Huspy’s co-founders, Jad Antoun and deputy CEO Ziad Nassar, believe their proven growth strategy can be replicated successfully in mid-sized cities characterized by high transaction volume and inefficient realtor practices.
Huspy plans an ambitious roadmap, aiming to enter major urban markets throughout Europe and the Middle East in the coming years. By the end of 2025, the startup targets a presence across more than ten cities, capitalizing on the growing momentum in regional proptech investments.
