Sakneen Raises $1.1 Million In Seed Fund

Sakneen, an Egypt based prop-tech startup, has secured $1.1 million in a funding round led by Algebra Ventures, with participation from Sarwa Capital, Foundation Ventures, Hem + Spire, Nakhla VC, and angel investors from Google, BlackRock, and McKinsey.

Sakneen was founded in 2019 by Ramy Khorshed and Hussein El Kheshen. Through its property portal, users can buy and sell houses while filtering through different options for the right property, price range, location, delivery date, type of finishing, and other details.

Sakneen plans to use the investment to expand its team and add new products and services for home sellers and buyers.

Omar Khashaba, principal at Algebra Ventures, explained why the VC firm invested in Sakneen:

“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,”.

“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” he emphasized.

El Kheshen, Chief Executive Officer (CEO) of Sakneen stated the team is “working on several new features” that will be launched over the next few weeks.

The startup has already developed an internal inventory management system to aggregate and manage listings, an agent-facing application and currently working on rolling out a platform that will allow users to request home loans.