Egyptian PropertyTech Startup, Sakneen Raises $1.1m

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Sakneen, an Egyptian property tech startup, has secured $1.1 million in a seed round led by Algebra Ventures.

The round also included ‘major participation’ from Sarwa Capital and Foundation Ventures. It was also joined by US-based real estate private equity firm Hem + Spire, Saudi-based investment firm Nakhla VC, and angels from Google, BlackRock, and McKinsey.

The startup plans to use the latest funds to expand its team by ‘hiring world-class talent’ and continue developing differentiated solutions for home buyers and sellers.

Sakneen makes buying and selling of homes easier through its property portal. The users looking to buy a home can use the website to 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.

The startup that was part of Y Combinator in 2020was founded in late 2019 by Ramy Khorshed and Hussein El Kheshen.

Omar Khashaba, a Principal at Algebra Ventures that led the round agrees with Ramy, “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.”