Tech in Africa
Sankeen, a Cairo-based property tech startup that enables users to buy and compare homes just closed a $1.1 million seed round led by Algebra Ventures. According to the report from Menabytes, this round will see major participation from Foundation Ventures and Sarwa Capital. US real estate private equity firm Hem + Spire, Nakhla VC a Saudi-based investment firm, and angles from Blackrock, Google, and McKinsey also participated.
Sakneen took part in Y Combinator 2020 and has steadily progressed since its graduation from the accelerator. In addition to the website for home buyers, the startup has developed an internal inventory management system to aggregate and manage all its listings.
Sakneen was founded in 2019 by Hussein El Kheshen andRamy Khorshed. Sakneen simplifies the buying and selling of goods through its property portal where prospective home buyers can search the platform while filtering through for the right property, price range, location, delivery date, type of finishing, and other details.
While speaking to Menabytes, Ramy who is Sakneen’s CEO mentioned the different players in the market not listed on any platform. Sellers are forced to compete over their positioning rather than listings. The proptech aspires to give sellers on its platform actionable analytics and buyer are connected with a better home-searching experience.
Sankeen is currently working on a future product – Sankeen Financing that will enable people using the platform to request home loans. This new project will involve cooperation from Sarwa Capital – a leading player in Egypt’s debt capital markets.
Source: Menabytes
