Fintech
Mubadala backs Dubai-based real estate fintech holding
A sovereign wealth fund and the venture capital arm of Saudi Aramco were among investors who contributed $14 million to Stake, a Dubai-based digital real estate investment platform.
In a Series A round led by Middle East Venture Partners, Stake secured funding from US-based private investment platform Republic, Aramco’s Wa’ed Ventures and Mubadala Investment Co, according to Bloomberg.
Stake uses the fractional ownership model to promote real estate investments starting from 500 dirhams ($136). It has over 500,000 users, half of whom are not from the UAE.
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 $13 million in seed and pre-Series A funding since its founding in 2021 and has already acquired more than 200 properties worth a total of Dh355 million.
Partly due to the migration of wealthy individuals from around the world, Dubai’s real estate market is booming.
A May analysis by CBRE Group Inc. said that during the January-March period, average apartment prices in the emirate increased by 20.4%.
Corporate partnerships
The Deep Tech Nation Switzerland Foundation, created by UBS and Swisscomaims to mobilize CHF 50 billion 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 innovation financing.
Switzerland excels at innovation, thanks to its unique education system and research facilities, but lacks venture capital, particularly in the research-intensive deep technology sector, for commercialization.
Start-ups in Switzerland need more financial support for growth, currently less than 3 billion francs ($3.3 billion) per year is 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 the framework conditions for the launch of visionary technologies aimed at overcoming social challenges.”
“Mubadala backs Dubai-based real estate fintech stake” was originally created and published by International private bankera trademark owned by GlobalData.
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