Seqoon, Egyptian Prop-Tech Startup, Secures $500K Pre-seed
Seqoon, an Egyptian prop-tech startup facilitating estate co-ownership, has raised $500,000 in a pre-seed round through Banque Misr‘s pilot program to expand its team. Seqoon equally announced its launch in El Gouna as its first co-ownership destination. Several notable angel investors also participated in the round.
The Banque Misr through its program supports Egyptian fintech startups by providing subject matter sponsors from within Banque Misr and international subject matter experts for guidance and mentorship in upcoming accelerated ventures.
Speaking on the round, Mohamed ElKhatieb, Co-founder of Seqoon said “I can’t describe the energy we have here. We’re backed by investors and angels with great experience in our domain and have a high-caliber team ready to take the real estate market by storm. We want to revolutionize the way people perceive real estate in Egypt making it more accessible & paving the way towards a sustainable approach to home ownership.”
Seqoon provides a fresh perspective on real estate ownership by allowing people to own shares of a vacation home while reaping the benefits of real estate. This year, Omar Eldessouky and Mohamed Elkhatieb founded the co-ownership platform.
“With the global markets heading towards an economic downturn, we all need to rethink our choices,” said Omar Eldessouky, CEO of Seqoon, explaining the estate co-ownership startup’s core value proposition. Seqoon aims to disrupt the traditional MENA real estate market through co-ownership by offering the option of luxury living more smartly and sustainably. This, we believe, is the modern way to own your ideal vacation home.” to
The CEO also stated that many of Seqoon’s users are looking for co-ownership to invest in the region’s most valuable properties at lower ticket sizes.
By 2023, Seqoon intends to expand into other Red Sea destinations such as Dahab and the Mediterranean North Coast.
Seqoon’s legal model, powered by law firms, Zaki Hashem & Partners and Shehata & Partners, makes co-ownership possible.