Egypt’s proptech startup, Sakneen, raises $1.1 million in seed round

Cairo-based property tech startup Sakneen has raised $1.1 million in a seed funding round led by Algebra Ventures. The round also included participation from Sarwa Capital and Foundation Ventures, and were joined by US- based real estate private equity firm Hem+ Spire, Saudi based investment firm Nakhla VC, and angels from Google, BlackRock, and McKinsey.

This comes after the startup graduated from Y Combinator program in August 2020, bringing their total funding to $1.25 million.

The startup was founded in 2019 by Ramy Khorshed and Hussein El Kheshen. The startup’s property portal makes buying and selling homes easier, as users looking to buy a home use the website to browse through different options on the platform and filter them using property type, location, price range, finishing type, and delivery date.

In November 2020, Sakneen and Coldwell Banker Egypt, announced a strategic partnership to develop unique digital capabilities and offerings for both sellers and buyers.

The startup is working on several new features that will be launched over the next few weeks, in addition to a couple of completely new products to be released shortly after.

“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.”