Seqoon, a real estate co-ownership business received $500,000 in a pre-seed round of funding from Banque Misr’s pilot program to encourage cutting-edge entrepreneurs in Egypt. Several well-known angel investors also participated in the round.
With the help of this funding, Seqoon is expanding its team and has now established El Gouna as its first location for co-ownership.
The Banque Misr initiative seeks to assist fintech startups by giving internal subject matter sponsors as well as access to foreign experts in their fields for help and mentorship in the next accelerated ventures.
“The atmosphere here is electric; words fail me. With a top-notch staff and the support of investors and angels with extensive industry knowledge, we are prepared to dominate the real estate market. ”
According to Mohamed ElKhatieb, co-founder of Seqoon, “We want to revolutionize the way people see real estate in Egypt by providing more opportunities and leading the road towards a realistic strategy to home ownership.
We should all reevaluate our decisions as the world markets approach a recession. Through co-ownership, Seqoon seeks to upend Mena’s established real estate industry by offering a selection of luxurious living options that are also more intelligent and environmentally friendly.
This, in our opinion, is the contemporary approach to own your ideal vacation property, Omar Eldessouky, CEO of Seqoon, commented.
He continued by saying that many Seqoon customers are searching for co-ownership in order to invest in the most appreciating homes in the area at cheaper ticket values.
Techbuild’ Take
Omar Eldessouky and Mohamed Elkhatieb founded Seqoon in 2022, which enables consumers to co-own portions of a vacation house.
By enabling consumers to own shares of a holiday home while making use of all the benefits of real estate, the proptech startup offers a fresh perspective on homeownership.
Through its legal framework, which is supported by the law firms Shehata & Partners and Zaki Hashem & Partners, Seqoon’s makes co-ownership possible.
By 2023, the proptech startup hopes to use this new fund to expand into other Red Sea locations like Dahab and the Mediterranean North Coast.
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