Egypt-based property technology (proptech) startup Sakneen has raised $1.1 million in a seed funding round led by Algebra Ventures and with a notable contribution from Sawraw Capital, Foundation Ventures, and several other global angel investors including Hem+Spire a US-based real estate private equity firm.
In a press release, Omar Khashaba, Principal at Algebra Ventures provides insight into their decision to invest in Sakneen as a disruptor in the Egyptian proptech landscape.
“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.”
This milestone achievement for the proptech startup follows the startups’ graduation from the Y Combinator programme held in August 2020.
Hussein El Kheshen CTO & co-founder of Sakneen explains that the funding will be utilsied to help the startup grow its current offering and launch a range of new products for its users.
“Our incredible tech team are actively working on several new features that will be launched over the next few weeks, in addition to a couple of completely new products we’re excited to release shortly afterward.”
Sakneen
Founded in 2019 by Ramy Khorshed and Hussein El Kheshen, Sakneen is an online portal that assists homebuyers to search for potential property investments.
With many homebuyers inundated with options, Sakneen’s online portal aims to simplify the process as it offers categorised home selections based on a user’s lifestyle, from bachelor pads to a getaway experience in a home. Additional filters for search optimisation include the most affordable properties and more.
Not only can home buyers search for property on the portal but homeowners are also able to list and sell their house on the innovative platform.
Ramy Khorshed CEO & co-founder of Sakneen comments on the potential for growth in the Egypt proptech sector, an untapped industry that Sakneen is spearheading.
“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 creates 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.”
Partnering with Coldwell Banker Egypt, the largest real estate brokerage firm in the country in November 2020, Sakneen has developed unique digital capabilities and offerings for both sellers and buyers.
