With the strategic investment led by Algebra Ventures, Sarwa Capital and Foundation Ventures, Sakneen is poised for big things after an eventful second half of 2020.
It’s been a busy six months for Egyptian proptech startup, Sakneen, which was this week announced that it has raised a seed funding round of $1.1 million, led by Algebra Ventures, with major participation from Sarwa Capital and Foundation Ventures, with the likes US based real estate private equity firm, Hem+Spire, Saudi-based fund, Nakhla VC, and a number of angel investors from Google, BlackRock, and McKinsey among others also participating.
The news comes hot on the heels of the platform - which helps home buyers search for properties - graduating from the famed Y Combinator programme in November 2020, putting it on the path to the success it promised when it was launched in 2019.
Founded by Ramy Khorshed and Hussein El Kheshen, the startup also struck a milestone partnership with real estate brokerage giant, Coldwell Banker Egypt, that will see the two collaborate to develop unique digital capabilities and offerings for sellers and buyers alike
For the founders, the investment gets them another step closer to innovating the common but often complex process of buying and selling homes.
“The very low technology penetration and lack of publicly accessible data creates a huge information asymmetry,” Khorshed, who also serves as the Sakneen CEO, said. “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. With the latest strategic investment from Sarwa Capital, we have firm backing by industry leaders and are well positioned to launch products across different verticals and delight our customers with new and unique experiences.”
With plans to launch several new products that have been in the pipeline, the new investment will also see Sakneen develop and launch brand new offerings, with a view to elevating a sector that Omar Khashaba, Principal at Algebra Ventures, believes has stayed stagnant for far too long.
“Sakneen brings unique efficiencies to the real estate market, which despite heavy VC funding, hasn’t seen enough disruption,” he said. “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.”
Check out StartupScene's interview with Sakneen's founders for more on how they are planning to disrupt the market.
Learn more about Sakneen here.
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