SmartCrowd, MENA’s first regulated property crowdfunding platform, has closed a bridge round at a total value of $3 million while registering a 100% leap in its investor base on a quarterly basis.

The company will use the funding to scale its operations and products in new markets like Saudi Arabia and Pakistan, according to a press release on Monday.

The Dubai-based platform, which allows individual investors to take a fractional share in a rental property, has grown its business base nearly six times since the COVID-19 pandemic.

The bridge round was led by Saudi Mad’a Investment Company, along with TriCap Investment, a Dubai-based investments group, and Amaana Capital, the venture capital arm of US-based NRD Capital, in addition to other angel investors in the region.

SmartCrowd has financed more than 70 properties and transacted above AED 50 million until the present time. The company has also disbursed around AED 3 million in rental income to investors.

Moreover, the platform’s assets under management (AUM) surged by more than 60% quarter-on-quarter (QoQ), while the number of investors doubled during the first quarter (Q1) of 2022.

Siddiq Farid, CEO and Co-Founder of SmartCrowd, noted: “Our latest bridge funding will help us rapidly scale to new heights and continue our mission on making alternative investment universally accessible to the masses.”

Source: Mubasher

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