A sovereign wealth fund and the venture capital arm of Saudi Aramco were among the investors that contributed $14m to a Dubai-based digital real estate investing platform, Stake.
According to Bloomberg, in a Series A round headed by Middle East Venture Partners, Stake obtained funding from US-based private investing platform Republic, Wa’ed Ventures of Aramco, and Mubadala Investment Co.
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Stake uses the fractional ownership model to promote property investments starting at 500 dirhams ($136). It has over 500,000 users, half of them is from outside the United Arab Emirates.
A portion of the earnings will be used by the company to enter Saudi Arabia. It aims to be the first marketplace where people from outside the kingdom can invest in the regional real estate market.
The company has raised $13m in seed and pre-Series A funding since its 2021 founding and has already acquired more than 200 properties for a total of 355 million dirhams.
Due in part to the migration of affluent individuals from all over the world, Dubai’s real estate market has been booming.
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By GlobalDataA May analysis from CBRE Group Inc. stated that during the January-March period, average apartment prices in the emirate jumped by 20.4%.
Company partnerships
The Deep Tech Nation Switzerland Foundation, created by UBS and Swisscom, aims to mobilise CHF50bn over 10 years for Swiss start-ups and scale-ups in the deep tech sector, indirectly generating up to 100,000 new jobs by improving framework conditions and increasing financing for innovation.
Switzerland excels in innovation, due to its unique education system and research facilities, but lacks venture capital, particularly in the research-intensive deep tech sector, for commercialisation.
Start-ups in Switzerland require more financial support for growth, with under CHF3bn ($3.3bn) per year currently being used.
Sabine Keller-Busse, President UBS Switzerland: ‘‘UBS has a long tradition of promoting innovation and entrepreneurship in Switzerland. With the Deep Tech Nation Switzerland Foundation, we want to improve framework conditions for the launch of visionary technology aimed at overcoming societal challenges.”
