Back to the complete issue
Monday, 8 February 2021

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.

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. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender 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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.