Story: Property Finder Overcomes Early Struggles to Achieve Success

Michael Lahyani, Property Finder Founder & CEO

In 2013, Property Finder cemented its status as a rising startup by closing a Series A funding round led by BECO Capital. The round also attracted notable investors, including Evren Ucok, co-founder of Turkish ventures Trendyol and Peak Games, Patrick Grove and Shaun Di Gregorio of Asia’s iProperty Group, and Mustafa Abdel-Wadood, CEO at Abraaj Capital. The funding, estimated in the single-digit millions, aims to fuel Property Finder’s expansion into the Arab world and Africa, according to CEO Michael Lahyani.

Launched in 2007 as a print magazine called AlBabWorld, the company initially struggled against market giants like Gulf News. In 2008, REA Group, part of NewsCorp, acquired a majority stake, helping the business transition to the digital platform Property Finder. However, the 2009 financial crisis saw REA Group exit Dubai, allowing Lahyani to buy back 51% of the company at a reduced cost and retain his team.

The global recession ultimately benefited the startup as real estate agents turned to online advertising for cost efficiency. By 2010, Property Finder achieved profitability, and Lahyani attributes the company’s resilience to a close-knit team that weathered the early challenges.

By 2013, Property Finder had expanded into Qatar and was eyeing Egypt as its next big market. Lahyani expressed optimism about Egypt’s booming real estate sector, driven by a devaluing pound and strong local investment. With plans to enter nine markets by year-end, the company hired Youssef Zikri, a former Rocket Internet MD, to lead operations in Egypt. “It’s all about execution,” Lahyani remarked, highlighting the importance of speed and adaptability in their growth strategy.

Source: Nina Curley / Wamda