Egyptian prop-tech startup Sakneen has raised a US$1.1 million seed funding round to expand its team and continue adding new aspects to its platform.
Founded in 2019 by Ramy Khorshed and Hussein El Kheshen, Sakneen allows users to buy and sell homes through its online portal. Users can browse through different options on the platform and filter them by things such as property type, location and price range.
The startup took part in the Y Combinator accelerator last year, and has now secured a US$1.1 seed funding round led by Algebra Ventures and also featuring Sarwa Capital, Foundation Ventures, Hem + Spire, Nakhla VC, and angels from Google, BlackRock, and McKinsey.
The funding will be used to expand the Sakneen team, as well as add new products and services to its platform. The startup has already built an internal inventory management system to aggregate and manage listings, as well as an agent-facing application, and is working on a property financing solution.
“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,” said El Kheshen.
Omar Khashaba, principal at Algebra Ventures, said he was excited to be part of the startup’s journey.
“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,” he said.
“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.”