Egyptian Proptech, Seqoon Secures $500,000 pre-Seed Round to Assist Innovative Startups

Real estate co-ownership startup Seqoon, located in Egypt, raised $500,000 in a pre-seed round through Banque Misr’s pilot program to promote cutting-edge entrepreneurs in Egypt.

Several eminent angel investors also took part in the round.

Omar Eldessouky and Mohamed Elkhatieb founded Seqoon in 2022, which enables consumers to co-own parts of a vacation property. The firm has already established El Gouna as its first co-ownership location and will utilize this funding to expand its personnel.

“The atmosphere here is electric; words fail me. With a top-notch staff and the support of investors and angels with extensive industry knowledge, we are prepared to dominate the real estate market. According to Mohamed ElKhatieb, co-founder of Seqoon, “We want to revolutionize the way people see real estate in Egypt by making it more accessible and leading the road towards a sustainable approach to home ownership.

The Banque Misr initiative seeks to assist fintech startups by giving internal subject matter sponsors as well as access to foreign subject matter experts for help and mentorship in the next accelerated ventures.

By enabling consumers to own shares of holiday homes while taking use of all the benefits of real estate, Seqoon offers a fresh perspective on home ownership. This year saw the founding of the co-ownership platform by Omar Eldessouky and Mohamed Elkhatieb.

“As the world’s markets approach an economic slump, we should all reevaluate our decisions. Through co-ownership, Seqoon seeks to upend Mena’s established real estate industry by offering a selection of luxurious living options that are also more intelligent and environmentally friendly. This, in our opinion, is the contemporary approach to own your ideal vacation property. Omar Eldessouky, CEO of Seqoon, commented.

Eldessouky continued by saying that many Seqoon customers are searching for co-ownership in order to invest in the most appreciating homes in the area at cheaper ticket levels.

By 2023, Seqoon wants to reach out to additional Red Sea locations like Dahab and the Mediterranean North Coast.

Through its legal framework, which is supported by the law offices of Zaki Hashem & Partners and Shehata & Partners, Seqoon’s makes co-ownership possible.