• UAE-based proptech Property Finder has raised $90 million in debt from Francisco Partners.
• Founded in 2007 by Michael Lahyani and Renan Bourdeau, Property Finder’s marketplace allows filtered searching of available options for properties to buy and rent.
• Property Finder, which has expanded its operations across the region, including Qatar, Bahrain and Egypt, is now focusing on increasing its market share in Saudi Arabia and Turkey.

Press release:

Property Finder, the leading property portal in the Middle East and North Africa, announces the successful raise of US$90 million in debt financing and the buyback of shares from BECO Capital. 

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. The proceeds were used by Property Finder to complete the buyback of the entire stake held by BECO Capital, the first institutional investor in the company.  J.P. Morgan and White & Case acted as advisors to Property Finder on the transaction. 

Michael Lahyani, CEO and founder of Property Finder, said of the announcement; The trust that the BECO Capital team and Dany Farha invested in us, since backing us 11 years ago, underscores the quality of our operations and the resulting outcomes. 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.”  

BECO Capital was the first venture capital company to launch in the UAE, and 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.

Dany Farha, Co-Founder & Managing Partner, BECO Capital, said, “It has been an absolute pleasure and privilege to have invested in Property Finder, backing one of the region's best entrepreneurs, 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.”

Lahyani further added, "We commend the UAE's leadership for enhancing the market's robust reputation and attracting global investors like Francisco Partners. This achievement would not be possible without the tireless efforts of my team at Property Finder, who over the years have committed to growing the business and delivering value to both the real estate industry and the home seekers we serve. 

Francisco Partners, with whom Property Finder cemented the financing agreement, is renowned for its investments in technology and tech-enabled services businesses. Its extension of this financing to a UAE-based company underscores Property Finder’s status as a leading growth-oriented technology company and reflects its confidence in the future success of Property Finder and of the MENA region’s real estate industry.

A spokesperson from Francisco Partners said: “We are proud to establish our partnership with the Property Finder team through this financing, which reflects our confidence in the company's quality, vision and potential. This transaction also represents our firm's first investment of this kind in the UAE, as we continue to grow our presence with the goal of backing leading technology companies through flexible capital partnerships. We believe Property Finder is well-positioned for significant growth and expansion in the coming years."

The strategic decision to execute the debt financing and complete the buyback was supported by Property Finder’s remaining institutional investor, private equity firm General Atlantic, as further validation of the company’s strategy and direction.