Seqoon, an Egypt proptech co-ownership startup, has raised USD 500,000 in a pre-seed round through Banque Misr’s pilot program to assist innovative startups in Egypt. Other well-known angel investors from the MENA region also took part.
- Seqoon was started this year by Omar Eldessouky and Mohamed Elkhatieb. The company gives people a new way to own real estate by letting them own shares of a vacation home and get all the benefits of real estate ownership.
- Seqoon’s first co-ownership location is El Gouna. They will use this money to grow their team and expand to other Red Sea locations, like Dahab, and the North Coast of the Mediterranean, by 2023.
- The Banque Misr program is meant to help innovative fintech startups by pairing them with subject matter sponsors and giving them access to international subject matter *experts for guidance and mentoring in the coming accelerated ventures.
- Seqoon wants to disrupt the traditional MENA real estate industry through co-ownership by offering the option of luxury living in a better and more sustainable manner. Omar Eldessouky, CEO of Seqoon, commented, “We believe this is the new method to acquire your dream vacation home.”