Property Finder, a real estate classifieds portal in Dubai with operations in eight Mena countries, secured $120 million (Dh440.7m) in its latest funding round led by US private equity firm General Atlantic.
The property portal will use the funds to invest in product and technology development, Property Finder said in a statement on Monday. Other investors in the fundraising round included existing shareholder Vostok New Ventures, a Stockholm Exchange-listed investment firm and non-profit Endeavor.
"This new capital will continue to support our mission of bringing more transparency and information to the six million property seekers visiting our platform each and every month, and to deliver the best leads and market data to real estate agents and developers," said Michael Lahyani, chief executive and founder of Property Finder.
New York-listed General Atlantic's stake acquisition in Property Finder is its latest in a series of technology investments that include tech giants Snap, Airbnb, Facebook and Alibaba. The company, which has $28 billion assets under management as of June 30, invests in four main sectors of consumer, financial services, health care and technology. Property Finder, established in 2007, operates in eight regional markets UAE, Bahrain, Qatar, Saudi Arabia, Egypt, Lebanon, Morocco and Turkey.
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Following the latest fund-raising round, Property Finder is valued at close to $500m, Reuters reported, citing Mr Lahyani. The company was last valued at $200m in 2016 when it sold a 10 per cent stake to Vostok New Ventures for $20m.
As part of the deal, General Atlantic's head of technology for Europe, Middle East and Africa, Chris Caulkin, will join Property Finder’s board of directors, the company said. Property Finder was advised on the transaction by TAP Advisors.
The property portal employs more than 450 people and gets six million monthly visitors to its website. The company is likely to add about 200 staff to its workforce by the end of next year, Mr Lahyani told Reuters.
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
