Sakneen raises $1.1M in Seed funding

Egypt: Sakneen, the Egypt-based online portal that helps homebuyers search for properties, has raised $1.1M in a Seed funding round, led by Algebra Ventures with participation from Sarwa Capital and Foundation Ventures.

Sakneen was founded in late 2019 by Ramy Khorshed and Hussein El Kheshen who had a vision of making the struggle of buying a home an easier and more enjoyable experience. The startup believes that as the real estate industry continues to develop, home buyers are finding it increasingly difficult to make one of the most important investment decisions of their lives due to the ever-increasing choices and possibilities.

Ramy Khorshed, CEO & Co-Founder of Sakneen commented on the round, “With the latest strategic investment from Sarwa Capital, the publicly listed financing group behind Contact Cars & Contact Financing, we have firm backing by industry leaders and are well-positioned to launch products across different vertical and delight our customers with new and unique experiences.

“It’s a multi-billion-dollar opportunity in a region with strong demographics and growth. Also, the very low technology penetration and lack of publicly accessible data create a huge information asymmetry. Early adopters of data-driven tools have a tremendous opportunity and I think that’s what our backers are excited to help us deliver on.”

Hussein El Kheshen CTO and Co-Founder of Sakneen said, “Our incredible tech team is actively working on several new features that will be launched over the next few weeks, in addition to a couple of completely new products we’re excited to release shortly afterward.”