Seqoon, a real estate co-ownership startup, raised $500k in a pre-seed round through Banque Misr’s pilot program to support innovative startups in Egypt. The round saw participation from several notable angel investors as well.
Seqoon is using this capital to grow its team and has now launched in El Gouna as its first co-ownership destination.
The Banque Misr program aims to support FinTech startups by providing subject matter sponsors from within Banque Misr, in addition to providing startups with international subject matter experts for guidance and mentorship in the upcoming accelerated ventures.
“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-caliber team ready to take the real estate market by storm. We want to revolutionize the way people perceive real estate in Egypt making it more accessible & paving the way towards a sustainable approach to home ownership,” Mohamed ElKhatieb, Co-founder of Seqoon, told WAYA.
Seqoon offers a new take on real estate ownership by empowering people to own shares of a vacation home while enjoying the full perks of real estate. Omar Eldessouky and Mohamed Elkhatieb founded the co-ownership platform this year.
“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, stated.
Eldessouky further added that many of Seqoon’s users are looking for co-ownership to also be able to invest in the region’s most value-appreciating properties at smaller ticket sizes.
Seqoon intends to expand into other Red Sea destinations, such as Dahab, as well as the Mediterranean North Coast by 2023.
Seqoon’s makes co-ownership feasible through its legal model powered by law firms Zaki Hashem & Partners, and Shehata & Partners.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.