Seqoon, an Egyptian real estate technology firm, has acquired US$500,000 in pre-seed capital to develop its platform for property co-ownership and enter new markets.
Omar Eldessouky and Mohamed Elkhatieb founded Seqoon, which enables customers to purchase fractional interests in holiday homes that range from one-eighth to one-half.
Pre-seed capital of US $500,000 has been secured by the firm, which has chosen ElGouna as its first co-ownership location. The money will be used to expand the team and enter other markets. By 2023, it wants to reach out to further Red Sea locations including Dahab and the Mediterranean North Coast.
“With the global markets heading towards an economic downturn, we all need to rethink our choices. Seqoon aims to disrupt the traditional real estate market in MENA through co-ownership, providing the choice of luxury living but in a smarter and more sustainable way. We believe this is the modern way to own your dream vacation home,” Eldessouky said.
Through the bank’s pilot initiative to assist creative entrepreneurs in the nation, Egypt’s Banque Misr provided the financing. The program’s goal is to assist fintech companies by giving help and mentorship from worldwide subject matter experts as well as subject matter sponsors from inside Banque Misr.
