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Egyptian proptech Sakneen raises $1.1 mn seed funding

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The startup will use the funds to expand its team and add new products and services to its platform

Egypt-based proptech startup Sakneen has raised around $1.1 million seed funding, media reports said. The startup will use the funds to expand its team and add new products and services to its platform. Nakeen, established in 2019 by Ramy Khorshed and Hussein El Kheshen, allows users to buy and sell houses by logging into its portal.

Sakeen, which participated in the Y Combinator accelerator last year, has secured funding from Algebra Ventures, Sarwa Capital, Foundation Ventures, Hem + Spire, Nakhla VC, and angels from Google, BlackRock, and McKinsey.

Omar Khashaba, principal at Algebra Ventures told the media, “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.”

Similarly, another Egyptian proptech Isqan raised an undisclosed amount of seed funding from real estate developer Mohamed Gaballah, the chief executive officer of Egygab Holding. The funds will be used to ramp up operations by hiring new talent to the team, as well as investing in marketing and continued product development.

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