Finance

Egyptian Sakneen raises $1mln to develop real estate platform

Tuesday, 09 February 2021 17:12
Egyptian Sakneen raises $1mln to develop real estate platform

(Ecofin Agency) - The Sakneen real estate platform, established in 2019 in Egypt, raised $1.1 million from a consortium of foreign and local investors. The transaction was led by the Egyptian venture capital firm, Algebra Ventures.

According to Sakneen's co-founder, Hussein El Kheshen (pictured right), the team "is actively working on several new features that will be launched in the coming weeks, in addition to some completely new products that we will release shortly thereafter," he said.

Difficult market conditions and the health crisis have somewhat dampened real estate activity in Egypt, but the sector remains dynamic due to strong population growth. Demand is still strong and returns are equally attractive for investors who are committed to the sector.

The company that facilitates the acquisition and sale of real estate assets plans to use these funds to expand its team and continue to develop differentiated solutions for buyers and sellers. To this end, the start-up is preparing the launch of a new solution, "Sakneen Financing", which will facilitate the granting of real estate loans to individuals.

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