Cairo - Seqoon raised $500,000 in a pre-seed round, backed by one of Egypt’s Banque Misr, through the bank’s pilot programme to support innovative startups in Egypt.
The programme aims to aid financial technology (FinTech) startups by providing subject matter sponsors from within Banque Misr, in addition to providing international subject matter experts for guidance and mentorship in the upcoming accelerated ventures, according to a recent press release.
Several notable angel investors participated in the round as well. Seqoon will use this capital to grow its team and has now launched in ElGouna as its first co-ownership destination.
While the real estate market accounts for 10.30% of Egypt’s gross domestic product (GDP) as of 2020, the average increase in the price of homes in Egyptian vacation hotspots is 15%, making vacation home buying less accessible year after year, with 63% of home buyers discouraged after discovering the property price. Moreover, owned vacation homes are left unoccupied 90% of the year. These insights encouraged Omar Eldessouky and Mohamed Elkhatieb to build MENA’s first co-ownership platform.
“With the global markets heading towards an economic downturn, we all need to rethink our choices. Seqoon aims to disrupt the traditional real estate market in MENA through co-ownership, providing the choice of luxury living but in a smarter and more sustainable way.” Seqoon’s CEO, Omar Eldessouky, stated.
Seqoon plans to expand into other Red Sea destinations, such as Dahab, as well as the Mediterranean North Coast by 2023.
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