Egypts Sakneen officially backed by Silicon Valley incubator

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ArabFinance: Cairo-based real estate platform Sakneen announced that it has been backed by Y Combinator, a Silicon Valley-based incubator, according to the startup’s June 15^th statement.

The online platform will help homebuyers digitally search for and purchase homes across Egypt.

The startup has raised $150,000 (EGP 2.42 million) from Y Combinator as part of joining the program, as reported by MENAbytes.

Sakneen’s goal is to offer a better real estate experience by avoiding disorganized public information, mismatched incentives in the sales process, and lack of transparency when it comes to financials.

Sakneen’s founders Ramy Khorshed and Hussein el Kheshen urged real estate developers to fill out the developer-specific form on the website to schedule a demo in order to onboard the developers’ entire inventory "in the space of a few minutes".

“While the need for a superior digital experience was always clear, it was only made more urgent by the impact of COVID-19,” the founders jointly said.

They noted that the US-based incubator was an early investor behind household names including Airbnb, Dropbox, Reddit, and Stripe, while their top 100 companies have grown to be worth $155 billion (EGP 2.50 trillion).

*At press time, the conversion rate is $1 = EGP 16.17

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