Egyptian real estate co-ownership company Seqoon has received US$500,000 in a pre-seed round from Banque Misr’s pilot program to support innovative business owners.
Several well-known angel investors further took part in the round. With this money, Seqoon plans to hire more people and has already launched its first co-ownership facility in El Gouna.
“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-calibre team ready to take the real estate market by storm,” Mohamed ElKhatieb, Co-founder of Seqoon, said.
“We want to revolutionise the way people perceive real estate in Egypt making it more accessible & paving the way towards a sustainable approach to home ownership.”
By providing subject matter sponsors from within Banque Misr and overseas subject matter experts for assistance and mentorship in emerging accelerated enterprises, the Banque Misr initiative seeks to support fintech startups.
By enabling users to own shares of a vacation home while taking use of all the advantages of real estate, Seqoon, launched in 2022 by Omar Eldessouky and Mohamed Elkhatieb, offers a distinctive viewpoint on real estate ownership. The co-ownership platform was developed by Omar Eldessouky and Mohamed Elkhatieb this year.
“With the global markets heading towards an economic downturn, we all need to rethink our choices,” Seqoon’s CEO, Omar Eldessouky, stated.
“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 continued by claiming that a large portion of Seqoon users are looking for co-ownership in order to invest in the most valued properties in the area at a discount.
Seqoon intends to broaden its reach by 2023 to include further Red Sea regions including Dahab and the northern Mediterranean coast.
Co-ownership is made possible through Seqoon’s legal strategy, which is supported by the law firms Zaki Hashem & Partners and Shehata & Partners.
