Propertyfinder and General Atlantic invested $12 million in Zingat
The Middle East-based Propertyfinder Group (PFG) invested $12 million (65 million TL) in Zingat through capital increase. The Middle East-based Propertyfinder Group (PFG) invested $12 million (65 million TL) in Zingat through capital increase. Propertyfinder Group raised its share in Zingat to 36.65 percent with this latest investment. Zingat received $12 million of investment through capital increase during the investment round led by Middle East based Property Group (PFG), where General Atlantic also participated. As you might recall, Propertyfinder Group became partners with Zingat, and purchased 16.95 percent of the startup's share during the summer months of 2017. The share of the Propertyfinder Group in Zingat increased to 36.65 percent with the capital increase, and the recent round of investment realized. Being one of the partners of Propertyfinder Group, Tom Hussey of General Atlantic whom we recall in Turkey with his Yemeksepeti investment was announced to be taking part in Zingat's management. Zingat's CEO Ahmet Kayhan stated: "The current investment of Propertyfinder and the consequent contribution to our Management Board by their partner General Atlantic are significant indicators that Turkey still acts as an attractive market and that we're on the right track for our target in making Turkish real estate market a world player. Thanks to the fund provided through this investment, we'll be moving on with stronger and faster steps for broadening and improving our products and services for Zingat visitors to find the most convenient real estate and for real estate professionals to work in a more efficient manner, during the period to come. With this recent investment, Dubai based Propertygroup will be holding its place as a larger shareholder in Zingat -the online real estate platform of Doğuş Group. In his speech regarding the subject matter, Propertyfinder Group CEO Michael Lahyani stated that the reason behind their investment decision was the performance demonstrated by Zingat and their vision of increasing their market share in MENAT region.

Propertyfinder and General Atlantic invested $12 million in Zingat

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Dubai-based Property Finder has invested about $12 million (65 million Turkish Lira) in form of a capital increase in Zingat, one of the leading Turkish property portal, Zingat announced last week, adding that Property Finder now owns 36.65% of Zingat, which makes it the largest shareholder in the company. Property Finder had made its first investment in Zingat in October 2017 by acquiring 16.95% stake in the company. Michael Lahyani, the founder and CEO of Property Finder had joined Zingat’s board after the investment in 2017. Property Finder had also announced the latest investment in a separate statement saying that the company now own close to 40% stake in Zingat , without disclosing the size of investment. It is the first significant investment by Property Finder after it raised $120 million from General Atlantic at a valuation close to $500 million. Property Finder has previously made acquisitions in Morocco, Saudi, and Lebanon. Michael Lahyani, Property Finder’s founder and CEO, in a statement, said, “The partnership with Zingat has proved hugely successful, and has reinforced our confidence in the Turkish market and its economy. We are very happy with the healthy growth we’ve witnessed since the beginning of this journey and hence we have deepened our investment. Zingat’s proven track record in the Turkish property market is a good fit for our business and aligns with our vision of expanding market share in the MENAT region.”
Ahmet Kayhan, Zingat’s Founder and CEO, added, “Property Finder’s latest investment, and bringing their partner General Atlantic on board, further proves the fact that Turkey is still a very hot emerging market, and that we are on the right track to deliver our promise to make the Turkish real estate market a world-player. In the coming years, we will invest most of these new funds into extending and improving our business, products and services to help our consumer clients find the right properties more easily and real estate professionals work more efficiently.”
Zingat, according to stats available on Similar Web, receives about 4 million visitors every month. Emerging Markets Property Group, the parent company of Dubai-based Bayut.com, one of the biggest competitors of Property Finder has also acquired different property portal across MENA & South Asia recently including Lamudi Bangladesh earlier this year.

Dubai’s Property Finder invests ~$12 million in Turkish property portal Zingat to increase its stake to 37% in the company

Propertyfinder ve General Atlantic'ten Zingat'a 65 milyon TL yatırım
Propertyfinder ve General Atlantic'ten Zingat'a 65 milyon TL yatırım
Orta doğu merkezli Propertyfinder Group (PFG), Zingat'a sermaye artırımı şeklinde 65 milyon TL yatırım yaptı. Propertyfinder Group son yatırımıyla birlikte Zingat'taki hisse oranını yüzde 36.65'e yükseltti. Orta doğu merkezli Propertyfinder Group (PFG) önderliğinde, General Atlantic 'in de katılımıyla birlikte gerçekleşen yatırım turunda Zingat sermaye artırımı yoluyla 65 milyon TL yatırım aldı. Hatırlayacağınız üzere 2017 yılının yaz aylarında Propoertyfinder Group, Zingat'a ortak olmuş ve girişimin yüzde 16.95'lik hissesini satın almıştı . Gerçekleştirilen sermaye artışı ve yeni tur yatırımla birlikte Propertyfinder Group'un Zingat'taki hisse oranı da yüzde 36.65'e yükselmiş oldu. Propoertyfinder Group'un da ortakları arasında yer alan ve ülkemizde de Yemeksepeti yatırımıyla adını duyuran General Atlantic şirketinden Tom Hussey, Zingat yönetimine katılacağı da açıklandı. Zingat CEO'su Ahmet Kayhan aldıkları yeni yatırımla ilgili olarak "Propertyfinder'ın bu yeni yatırımı ve ortakları General Atlantic'in Yönetim Kurulumuza katkı sağlamasına vesile olması, Türkiye'nin hâlâ çok çekici bir pazar olduğunun ve Türkiye gayrimenkul pazarını bir dünya oyuncusu yapma hedefimizde doğru adımlarla ilerlediğimizin birer göstergesidir. Yatırımla sağlanan kaynak sayesinde önümüzdeki dönem, Zingat ziyaretçilerinin doğru gayrimenkule ulaşması ve gayrimenkul profesyonellerinin daha verimli çalışabilmelerine yardımcı olmak amacıyla ürün ve hizmetlerimizi genişletmek ve geliştirmek için daha güçlü ve hızlı adımlarla ilerleyeceğiz." açıklamasında bulundu. Dubai merkezli Propoertyfinder Group yaptığı yatırımla birlikte Doğuş Grubu'nun online gayrimenkul platformu Zingat'da daha büyük bir hissedar olarak yer almaya devam etmiş olacak. Konuyla ilgili açıklamada bulunan Propoertyfinder Group CEO'su Michael Lahyani ise, aldıkları yatırım kararının ardındaki sebebin Zingat'in sergilediği performans ve MENAT bölgesindeki pazar paylarını artırma vizyonu olduğunu ifade etti.

Propertyfinder ve General Atlantic'ten Zingat'a 65 milyon TL yatırım

Property Finder becomes largest shareholder in Turkish real estate portal
Image courtesy of Property Finder
Property Finder increased its stake in Turkish property marketing website Zingat to almost 40 per cent from 17 per cent, as it looks to expand its operations in the Middle East, North Africa and Turkey (Menat). “The partnership with Zingat has proved hugely successful, and has reinforced our confidence in the Turkish market and its economy,” said Michael Lahyani, chief executive and founder of real estate portal Property Founder. The stake increase “aligns with our vision of expanding market share in Menat”, Mr Lahyani added, and makes Property Finder the largest shareholder in Zingat, Turkey’s fastest growing property platform. The value of the deal was not disclosed. The deal is Property Finder’s first since the close of its $120 million investment round in November, led by US private equity company General Atlantic. As part of the Zingat transaction, General Atlantic’s vice president Tom Hussey will join Zingat’s board as a director. Zingat was founded in 2015 by Ahmet Kayhan and Mehmet Erkek – the entrepreneurs who also set up Dubai real estate data provider Reidin – alongside Turkish conglomerate DoguĹ Group.

Property Finder becomes largest shareholder in Turkish real estate portal

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Date	Round	Amount	Investors	Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.	Revenue	Sources
4/8/2019	Growth Equity	$12M	General Atlantic, and Property Finder		0 FY undefined	2
8/24/2017	Corporate Minority		Subscribe to see more		0 FY undefined	10

Date	4/8/2019	8/24/2017
Round	Growth Equity	Corporate Minority
Amount	$12M
Investors	General Atlantic, and Property Finder	Subscribe to see more
Valuation
Revenue	0 FY undefined	0 FY undefined
Sources	2	10

First funding	Last Funding	Investor	Rounds	Board Seats	Type	Location
8/24/2017	4/8/2019	Property Finder	2 Corporate Minority, Growth Equity (2019)		Corporation	United Arab Emirates
00/00/0000	00/00/0000	General Atlantic	Subscribe to see more		Growth Equity	Connecticut

First funding	8/24/2017	00/00/0000
Last Funding	4/8/2019	00/00/0000
Investor	Property Finder	General Atlantic
Rounds	2 Corporate Minority, Growth Equity (2019)	Subscribe to see more
Board Seats
Type	Corporation	Growth Equity
Location	United Arab Emirates	Connecticut

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