Sakneen raises $1.1 million seed round

SectorReal Estate

Egypt-based property technology (proptech) platform Sakneen, has raised a $1.1 million seed funding round led by Algebra Ventures with participation from Sarwa Capital and Foundation Ventures. Other investors participating in this round include US-based real estate private equity firm, Hem+Spire, Saudi Arabia-based fund, Nakhla VC, along with angel investors from Google, BlackRock, and McKinsey among others. Founded in 2019 by Ramy Khorshed and Hussein El Kheshen, Sakneen helps homebuyers search for listings.  "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,” Ramy Khorshed, CEO  and co-founder of Sakneen. "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 more...