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.