Egypt’s proptech Seqoon has secured $500,000 in a pre-Seed round through Banque Misr’s pilot programme to support startups in Egypt. The round also saw in participation several angel investors.
Founded in 2022 by Omar Eldessouky and Mohamed Elkhatieb, Seqoon empowers people to own shares of a vacation home while enjoying the full perks of real estate.
Seqoon will deploy the fresh funds into growing its team and has now launched in El Gouna as, its first co-ownership destination.
Speaking in an interview with WAYA, Mohamed ElKhatieb, Co-founder of Seqoon said, “I can’t describe the energy we have here. We’re backed by investors and angels with great experience in our domain and have a high-calibre team ready to take the real estate market by storm. We want to revolutionise the way people perceive real estate in Egypt making it more accessible & paving the way towards a sustainable approach to home ownership,”
“With the global markets heading towards an economic downturn, we all need to rethink our choices. Seqoon aims to disrupt the traditional real estate market in Mena through co-ownership, providing the choice of luxury living but in a smarter and more sustainable way. We believe this is the modern way to own your dream vacation home.” Seqoon’s CEO, Omar Eldessouky added.
The proptech also has plans to expand into other Red Sea destinations, such as Dahab, as well as the Mediterranean North Coast by 2023.
