The Capital Quest | Sequoia India-backed Huspy buys two firms; Qatar’s Sponix gets funding

On Aug 24, 2022

Dubai-based proptech firm Huspy has acquired two mortgage brokers, Just Mortgages and Finance Lab, for undisclosed amounts.

The two acquisitions come just as the property market in the UAE’s second-largest emirate is looking up, and is set to continue to grow.

These acquisitions follow Huspy buying out another mortgage broker, Home Matters, in January this year. The deals also come two months after Huspy closed a $37 million Series A fundraise led by Sequoia Capital India.

As part of the latest acquisition deals, the founders and partners as well as the employees of both companies will join Huspy.

Husky’s head of mergers and acquisitions Ankit Shah said that more acquisitions may be in the offing.

“The addition of these two businesses will create further benefits for home buyers in the UAE and build on the experience that Huspy is recognised for. We look forward to partnering with more like-minded market players in the future,” Shah said.

While Just Mortgages was founded in 2018, Husky itself was founded two years later in 2020, the same year Finance Lab came into existence.

Sponix Tech

Qatar-based sportstech Sponix Tech has received an unknown investment amount from the UK-based Aser Ventures, the co-owner of Leeds United Football Club.

Founded in 2020 by Mohammad Ali Abbaspour, Sponix Tech, an alumnus of Qatar SportsTech’s second cohort, is a technology company that provides solutions and services which help leagues, clubs, broadcasters, and advertisers increase viewers and enhance the fan experience.

Sponix said the new investment will help it grow its business and tech backbone.

Aser’s portfolio includes Leeds United, ELEVEN, and a network of content, marketing, and tech companies.

BeyondCapital

The Danish Refugee Council (DRC) has partnered with BeyondCapital to launch an initiative to support startups with refugee impact in Jordan.

The partnership stipulates granting BeyondCapital funding from DRC to be invested in a pool of early-stage companies which are serving refugee communities, are founded by refugees or employ refugee youth.

Established in 2017 through a joint partnership between Endeavor Jordan and Silicon Badia, BeyondCapital is an ecosystem enabler that aims to bridge the gap in early-stage funding. Meanwhile, the DRC aims to assist refugees and internally displaced persons across the globe.

The investors said that the startups will be reviewed through a multi-step selection process. Potential startups will be granted an investment amount of up to $40,000, along with access to mentorship from BeyondCapital, networking and technical assistance.