By Andrei Skvarsky.
Dubai-based online real estate dealer Bayut.com has raised $20m in the third of three rounds of venture investment.
Coming just four months after the Series B funding, which added $9m to Bayut’s coffers, the Series C round’s $20m was provided by one of Bayut’s own investors, a fund that focuses on frontier and emerging markets and has more than $1bn in assets under management, the United Arab Emirates dot-com company said in a statement.
The Series C money has gone into Bayut’s parent firm, Emerging Markets Property Group (EMPG), which also controls Pakistan’s Zameen.com.
Bayut seeks to “establish a firm presence across the Middle East”, the statement said. “Over the last year, Bayut has seen rapid growth in all key metrics including traffic and paying agencies, as well as expanding its team manifold to take on ambitious regional expansion goals.”