Sakneen, the online portal that helps homebuyers search for properties, has raised $1.1 million in a seed funding round led by Algebra Ventures and and major participation from Sarwa Capital and Foundation Ventures.
This comes on the heels of the Sakneen‘s graduation from the Y Combinator program in August 2020, bringing their total funding to $1.25 million.
“With the latest strategic investment from Sarwa Capital, the publicly listed financing group behind Contact Cars and Contact Financing, 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.”Ramy Khorshed, CEO, co-founder, Sakneen.
In November 2020, Sakneen and Coldwell Banker Egypt, the largest real estate brokerage firm in the country, announced a strategic partnership to develop unique digital capabilities and offerings for both sellers and buyers.
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 possibili7es. Sakneen.com is their guide to the right decision. Founded in late 2019 by Khorshed and Hussein El Kheshen, Sakneen is on a mission to make the struggle of buying a home an easier and more enjoyable experience.
“It’s a multi-billion dollar opportunity in a region with strong demographics and growth,” adds Khorshed. “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.”
Sakneen’s tech team is 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 afterwards, revealed El Kheshen who is also the CTO.
“Ramy and Hussein are both world-class founders with the right skill sets and domain expertise,” says Omar Khashaba, Principal at Algebra Ventures. “We’re very excited to be part of their journey.”
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