In 2022, we launched the Majid Al Futtaim Launchpad Program, in partnership with Majid Al Futtaim and Microsoft, to scale the growth of select SMEs and startups as members of the Majid Al Futtaim ecosystem. As we prepare to front-run the program’s second edition, we are looking back at the tangible impact and great value of the inaugural edition, with one of its 14 winners, Stake. We are looking back at the tangible impact and great value of the program, with one of its 14 winners, Stake. Co-founder of Stake, Rami Tabbara, walks us through the company’s journey in the program, and elaborates on some of its most advantageous outcomes and opportunities.
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The Majid Al Futtaim Launchpad Program has been a catalyst for a number of high-growth startups and SMEs to integrate into the Majid Al Futtaim ecosystem, benefiting from the corporate group’s support and, in turn, contributing to the development of its innovation tracks.
Following a meticulous 14-week outreach campaign, 22 participants were selected from 196 applicants hailing from 20 countries. By the end of the program, 14 promising startups and SMEs across 3 verticals (proptech, homegrown, and beauty & health) were announced as winners, setting the course to their constructive integration into Majid Al Futtaim’s extensive network of partners.
Stake, a leading Dubai-based investment platform specializing in real estate investment, is one of the proptech startups that have emerged as winners, subsequently partnering with Majid Al Futtaim Group. Stake’s mission is to make real estate accessible and streamline the process of investing in property. It helps users tackle some of the most intimidating challenges of real estate investment, such as managing properties, diversifying invested capital across multiple properties, and generating rental income easily. Additionally, Stake provides the opportunity of qualifying some of its users for the UAE golden visa, providing safer investment options to help users meet the visa requirements.
For Tabbara, the solution to fast-track Stake’s growth was obvious. Taking part in the Majid Al Futtaim Launchpad Program has granted the investment platform two important advantages coveted by startups: credibility and visibility. With Majid Al Futtaim Group’s strong regional and global presence, associated partners can benefit from a trusting attitude by the group’s client base and investor network. And with Majid Al Futtaim’s millions of visitors, partners are guaranteed to be seen by a broad and diverse audience.
Signing a partnership is, however, a delicate process that requires an extensive understanding of the ecosystem, which is why ecosystem accelerators like AstroLabs are indispensable agents of growth and opportunity. Tabbara makes the distinction between pitching to investors and pitching to partners, a notion he learned through the program. The key difference is when you are trying to get a partner on board, you should think of the value your company will be adding to that partner’s ecosystem. Investors are content with making profits, but partners are looking for factions that will create a real, holistic impact on the ecosystem.
AstroLabs’ methodology has been of great importance for Stake. They were given expert guidance through the program, with thorough directions on how to elaborate a winning partnership proposal that accounts for Majid Al Futtaim’s mission, values, and ambitions as well. Tabbara describes the program as granular, reflecting the detail-oriented approach.
Stake is already benefiting from its partnership with Majid Al Futtaim Group, having recently set up a booth in the Mall of Emirates. This has helped a great deal of new clients find their way to the platform. Organic downloads, website visits, conversions, and sales have all been positively impacted as a direct result of Stake’s station in the mall. This growth of high-potential disruptors is at the core of the Majid Al Futtaim Launchpad Program.
Established in 2021, Stake is a relatively new proptech platform. Nevertheless, it has already achieved remarkable feats in the Dubai ecosystem. As for the future, Tabbara reveals exciting plans for a regional expansion strategy.
Stake has grown to become home to over 50 employees and has amassed an incredible USD 16M in funding from investors who believe in its value in the market. Now, the plan is to bring real estate accessibility to 2 of the region’s largest markets, Egypt and Saudi Arabia. Both countries boast a sizable population of young, tech-savvy youth who are showing great interest in investing online. Saudi Arabia, in particular, has witnessed a promising number of market transactions as a result of the ongoing development of Saudi Vision 2030. Tabbara calls this expansion plan a “no-brainer” as it is the logical next step for Stake’s sustained growth, especially considering Majid Al Futtaim’s active ecosystem in both of these markets.
Stake’s journey is a testament to the power of strong ecosystem connections. We are keen on continuing with our mission of enabling startups and SMEs through constructive partnerships with intricate pilot programs like the Majid Al Futtaim Launchpad Program.
Stake hopes to eventually break into international markets, by offering international property investment capabilities.
Today, and as Majid Al Futtaim grows and expands, the members of its ecosystem gain unprecedented exposure and credibility in new markets, and access to a roster of new opportunities. The upcoming edition of Majid Al Futtaim Launchpad Program will be focused on identifying and enabling the most promising Climate Tech businesses in the region, and fast-tracking their growth as part of a highly supportive ecosystem.
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