Emerging Markets Property Group (EMPG), formerly Zamzama Property Group, which controls two international property portals – Pakistan’s Zameen.com and the UAE’s Bayut.com – has closed its Series C funding round with a USD20 million investment from one of its current investors, a fund which focuses on frontier and emerging markets with over USD 1 billion in assets under management.
The funding comes on the heels of a USD9 million Series B round, which was announced in September 2015, bringing the total funds raised by the group in the last six months to USD29 million.
Imran Ali Khan, Co-Founder and CEO, says the incoming investment would propel the group’s ambitious expansion goals within and across the region. “This sizeable funding will be distributed between our operations in Pakistan and UAE, as well as providing significant capital for the group to launch well-funded ventures in Bangladesh and the Middle East,” he says. “Before stepping into these new markets, we have made sure to conduct extremely thorough research into all the relevant socio-cultural and economic aspects. Our aim is to completely own the real estate space in both of these markets, so it was very important for us to go in with the right strategy and ample funds to do that quickly and efficiently.”
Khan also said that the investment would partly go into developing technology platforms further, as well as making acquisitions.
198.4pt 226.75pt 255.1pt 283.45pt 311.8pt 340.15pt; mso-layout-grid-align:none;text-autospace:none'>“We are very excited to bring Cartagena’s profound expertise in technology and long-time relationships with the venture capital community into the Bryan, Garnier & Co organisation. We will be able to provide enhanced capabilities to our clients such as growth capital private placements, technology buyouts, IPOs, public M&A, equity underwriting and research – this will be tremendously beneficial to our clients,” says Falk Müller-Veerse, Founder and Managing Partner of Cartagena Capital.
Olivier Garnier, Founder and Managing Partner of Bryan, Garnier & Co, adds: “Bryan, Garnier & Co is an independent partnership which combines the anima of highly experienced, entrepreneur- minded investment banking professionals having an exceptional level of attention to clients, with the range of services and the expertise of a full-fledged, top-tier investment bank. Cartagena’s team culture of excellence and ambition to expand, will be a strong driver for an accelerated development of Bryan, Garnier & Co in the region.”
transaction is expected to close during the first quarter of 2016, subject to customary closing conditions. Approximately 20 3M employees that support the business are expected to join ICP Group in conjunction with the sale.