iMENA Invests in UAE-Based Properties Platforms
JRD Group, the Dubai-based tech enterprise behind leading property portals in Qatar and the UAE, has just received an undisclosed investment from the iMENA venture capital fund to expand its offerings in the region and abroad.
Co-founded by Alex Nicholas and Siddharth Singh in 2008, JRD Group notably developed its proprietary cloud-based real estate software PropSpace. The group’s portals include JustProperty.com and JustRentals.com (UAE).
Khaldoon Tabaza, Founder and Managing Director of iMENA Group, explained that JRD Group will maintain control over the operations of the company and their software.
Competition by already established portals like PropertyFinder in the region does not seem to pose a problem as JRD Group is looking to build a base from which to expand to US and UK markets.
Online Marketplaces Are on Investors’ Radar
Tabaza said JRD’s team and value proposition showed great potential as an online business in the real-estate space. JRD aims to redefine the property search experience through developing pioneering technology for end-users, investors, agencies, and brokerages in the commercial and residential real estate market. In addition to its UAE portals, JRD also operates JustProperty.qa in Qatar.
“[This] also marks iMENA's continued faith and focus on the classifieds market in the region,” said Tabaza. iMENA believes online marketplaces will be a major disruptive force across different industries and attract up to $1 billion starting this year, and the company revealed it is looking to invest $25 million in the sector over the next couple of years.