Sakneen raises USD 1.1 mn in seed funding round
Egyptian real estate marketplace Sakneen has raised USD 1.1 mn in an oversubscribed seed funding round led by Algebra Ventures, with “major participation” from Sarwa Capital and Foundation Ventures, according to a statement (pdf). The round also saw participation from US-based real estate private equity firm Hem+Spire, Saudi-based Nakhla VC, as well as angel investors with pedigrees that include Google and BlackRock. Sakneen provides a search engine with “detailed search abilities like allowing users to search by down payment, monthly payment, and unique data points like NPV and travel times,” CEO and co-founder Ramy Khorshed said.
Where the investment is going: Sakneen plans to use the funding primarily on its products and technology, and to retain the talent the company has on board, Khorshed told Enterprise. The company is currently “actively working on several new features” it plans to roll out within the next few weeks, and is looking to launch “completely new products” in the near future, CTO and co-founder Hussein El Kheshen said.