Funding

Egyptian proptech Sakneen raises a $1.1m seed funding round from a group of investors to help it continue to grow & expand

Cairo-based real estate startup Sakneen, has raised $1.1M in a Seed funding round, led by Algebra Ventures with participation from Sarwa Capital and Foundation Ventures. Others who participated in the round were, among others, Hem+Spire, a US-based private equity real estate company, Nakhla VC, a Saudi fund, and a host of angel investors from Google, BlackRock, and McKinsey.

“With the latest strategic investment from Sarwa Capital, the publicly listed financing group behind Contact Cars & Contact Financing, we have firm backing by industry leaders and are well-positioned to launch products across different vertical and delight our customers with new and unique experiences,” Ramy Khorshed, CEO & Co-Founder of Sakneen.

“It’s a multi-billion-dollar opportunity in a region with strong demographics and growth. Also, the very low technology penetration and lack of publicly accessible data create a huge information asymmetry. Early adopters of data-driven tools have a tremendous opportunity and I think that’s what our backers are excited to help us deliver on.”

Why The Investors Invested

“Sakneen brings unique efficiencies to the real estate market, which despite heavy VC funding, hasn’t seen enough disruption. Trying to find a home online today is often a frustrating experience, plagued by inaccurate listings and overzealous brokers. We believe Sakneen can meaningfully differentiate itself by re-inventing the search experience and managing the supply side in novel ways. Ramy and Hussein are both world-class founders with the right skill sets and domain expertise. We’re very excited to be part of their journey,” Omar Khashaba, Principal at Algebra Ventures said. 

Read also: As A Young Entrepreneur, How Do I Save My Time!?


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A Look At What Sakneen Does

Ramy Khorshed and Hussein El Kheshen, who had a vision of making the struggle to buy a home a simpler and more enjoyable experience, created Sakneen in late 2019. The startup claims that home buyers find it increasingly difficult to make one of the most significant investment decisions of their lives because of the ever-increasing option of the real estate industry as it continues to grow.

The start-up graduated from the Y Combinator program in August 2020 and revealed in November a strategic alliance with Coldwell Banker Egypt, the country’s largest real estate brokerage company, to develop exclusive digital capabilities and deals for both sellers and buyers.

Read original article here

Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

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