Back to the complete issue
Monday, 15 June 2020

Sakneen raises USD 150k in pre-seed funding from Y Combinator

STARTUP WATCH- Egyptian homebuying online platform Sakneen has raised USD 150k in pre-seed funding from US accelerator Y Combinator, co-founders Hussein El Kheshen and Ramy Khorshed told Enterprise in an exclusive interview. The company became one of the very few Egyptian startups to receive funding from the high-profile accelerator earlier this year, joining its Winter 2020 batch and receiving mentorship in California from January-March.

This is the first time the company has received outside funding: Until Y Combinator entered the fray the company had been entirely bootstrapped, said Khorshed, CEO of the company. “To receive this funding was super encouraging in terms of getting our first bit of institutional validation,” he added.

The funds have been directed towards building Sakneen’s web-based platform, which is expected to launch shortly. Sakneen aims to help real estate developers and agents connect directly with prospective homebuyers, and is now focused on bringing real estate developers ahead of the launch. One core goal is to make it easier for developers to showcase their available properties, which can be quickly uploaded to the company’s platform. “We’re essentially building a control panel for real estate developers, who can bring all their inventory online in the space of a few minutes,” said CTO El Kheshen.

More funding on the horizon: Khorshed is optimistic about securing more investments within the next year. “It will definitely be within the next year. Probably by the end of the calendar year, maybe even in the next two to three months,” he said.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.