Thursday 13 June 2024

Property Finder announces buyback from first investor

DUBAI, 23 days ago

Property Finder, the leading property portal in the Middle East and North Africa, has announced the successful raise of $90 million in debt financing and the buyback of shares from Beco Capital. 
The first venture capital company to launch in the UAE, Beco Capital was a key investor in the early-stage round of funding for Property Finder, playing an instrumental role in its development and success. 
The share buyback programme sees Beco Capital exiting with a strong return on its investment.
The debt financing was provided by Francisco Partners, a leading global investment firm with a presence in San Francisco, New York and London that specialises in partnering with technology businesses. 
According to Property Finder, the proceeds were used to complete the buyback of the entire stake held by Beco Capital, the first institutional investor in the company. JP Morgan and White & Case acted as advisors to Property Finder on the transaction. 
"The trust that the Beco Capital team and its Co-Founder & Managing Partner Dany Farha invested in us, since backing us 11 years ago, underscores the quality of our operations and the resulting outcomes," remarked its CEO and founder Michael Lahyani. 
"Our commitment to the real estate market stands firm, as we aim to continue to drive strong returns for our ecosystem. It is my hope that this event sets the precedent for other founders in the region to take their innovative companies to new heights, attracting global talent and in turn creating the returns that fuel the entrepreneurial ecosystem across Mena," stated Lahyani. 
Farha said: "It has been an absolute pleasure and privilege to have invested in Property Finder, backing one of the region's best entrepreneurs in Michael Lahyani, who constantly surrounds himself with a world-class team and partners and who all continuously innovate and strive to provide the best experience and value proposition to customers."
"As we exit our investment which has produced true venture returns for our investors and prepare to sunset the fund, we remain excited at the massive opportunity that still lies ahead for Property Finder to continue to grow and serve its customers across the region in one of the largest sectors across the regional economies and we will be rooting for them along their continued journey," she added.
-TradeArabia News Service


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