ArabFinance: Real estate startup Sakneen raised $1.1 million (EGP 17.2 million) in a seed round from local and international investors, financial service providers, and angel investors in Egypt, the MENA region, the US, and Europe, according to a press release.

Algebra Ventures along with the listed Sarwa Capital and Foundation Ventures led the funding round. Other investors included US-based Hem+Spire, Saudi-located Nakhla VC, besides angel investors from Google, BlackRock, and McKinsey.

The new investment brings the total funding to $1.25 million (EGP 19.54 million), after Sakneen secured $150,000 (EGP 2.34 million) from Y Combinator last year.

*At press time, the conversion rate is $1 = EGP 15.63

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