Cairo-based real estate startup Sakneen, has raised $1.1M in a Seed funding round, led by Algebra Ventures with participation from Sarwa Capital and Foundation Ventures. Others who participated in the round were, among others, Hem+Spire, a US-based private equity real estate company, Nakhla VC, a Saudi fund, and a host of angel investors from Google, BlackRock, and McKinsey.


“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 & 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 I think that’s what our backers are excited to help us deliver on.”

Read more...https://media.getfundedafrica.com/2021/02/09/egyptian-proptech-sakneen-raises-1-1m-seed-funding-round-from-a-group-of-investors-to-help-it-continue-grow-expand/