Egyptian Startup, Sakneen, Secures $1.1 Million Seed Funding

Sakneen announced earlier today that it has secured seed funding to the tune of $1.1 million. The funding round was led by Algebra Ventures, with contributions from Foundation Ventures, Sawraw Capital, and a number of other investors such as US-based private equity firm, Hem+Spire.

Commenting on the development, Omar Khashaba who is a Principal at Algebra Ventures, said the decision to invest in Sakneen was due to the fact that the company is leading player in the Egyptian protech ecosystem.

“Sakneen brings unique efficiencies to the real estate market, which despite heavy VC funding, hasn’t seen enough disruption. Trying to find a home online today is often a frustrating experience, plagued by inaccurate listings and overzealous brokers. We believe Sakneen can meaningfully differentiate itself by re-inventing the search experience and managing the supply side in novel ways. Ramy and Hussein are both world-class founders with the right skill sets and domain expertise. We’re very excited to be part of their journey,” Khashaba said.

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The funding is coming not long after Sakneen participated in and graduated from Y Combinator’s accelerator programme in August last year. Now, one of the startup’s Co-founders who also functions as the Chief Technology Officer, Hussein El Kheshen, said the funding is expected to facilitate the company’s new product offerings and overall expansion drive

“Our incredible tech team are 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,” he said.

Note that Sakneen is a tech-enabled startup that helps homebuyers to find potential property investments. The company was co-founded by Hussein El Kheshen and Ramy Khorshed who serves as the Chief Executive Officer.