Private equity firm General Atlantic has led a $120 million investment and acquired a minority stake in Middle East real estate classifieds website Property Finder.
Property Finder’s chief executive told Reuters the money would be invested in product and technology.
“We want to continue building the best product and data information available to the public,” Michael Lahyani said at the company’s headquarters in Dubai.
The proceeds will also be used to expand the brand in its existing markets of Saudi Arabia, Egypt, Turkey, the United Arab Emirates, Qatar, Bahrain, Lebanon and Morocco, he added.
The company is likely to add about 200 staff to its 450-strong workforce by the end of 2019, Lahyani said. He did not disclose the exact size of the stake acquired by New York-based General Atlantic.