Egyptian prop-tech startup Seqoon has raised a US$500,000 pre-seed funding round to help it build out its property co-ownership platform and expand into new markets.
Founded by Omar Eldessouky and Mohamed Elkhatieb, Seqoon allows users to own shares – between one-eighth and one-half – of a vacation home.
The startup, which has made ElGouna its first co-ownership destination, has raised a US$500,000 round of pre-seed funding, which it will use to grow its team and move into new markets. It intends to expand into other Red Sea destinations, such as Dahab, as well as the Mediterranean North Coast by 2023.
“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. We believe this is the modern way to own your dream vacation home,” Eldessouky said.
The funding was raised from Egypt’s Banque Misr, through the bank’s pilot programme to support innovative startups in the country. The programme aims to support fintech startups by providing subject matter sponsors from within Banque Misr, in addition to providing international subject matter experts for guidance and mentorship.
