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Egyptian Property-Tech Startup Sakneen raises $1.1M

Sakneen has raised $1.1 million in a seed funding round led by Algebra Ventures with participation from Sarwa Capital and Foundation Ventures

By: Business Today Egypt

Mon, Feb. 8, 2021

Egyptian online property portal, Sakneen, has raised $1.1 million in a seed funding round led by Algebra Ventures with participation from Sarwa Capital and Foundation Ventures. Sakneen aims to provide a better experience for those looking to buy a new home.

The round also included US-based real estate private equity firm Hem + Spire, Saudi-based investment firm Nakhla VC, as well as investors from Google, BlackRock, and McKinsey.

Founded in 2019 by Ramy Khorshed and Hussein El Kheshen, the company believes that as the real estate industry continues to develop, home buyers are finding it increasingly difficult to make one of the most important investment decisions of their lives due to the ever-increasing choices and possibilities.

Using the website, users looking to buy a home can browse through different options on the platform and filter them using property type, location, price range, finishing type, delivery date, and a few other details.

"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  and 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,” he added.

Omar Khashaba, Principal at Algebra Ventures added, “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."