A pre-seed funding round brought in $500,000 for the real estate co-ownership startup Seqoon.
The round was made possible by Banque Misr’s pilot program to encourage innovative startup businesses in Egypt. In addition, there was involvement from a number of well-known angel investors in this round.
Seqoon is putting this funding toward expanding its workforce, and the company has just begun offering co-ownership opportunities in El Gouna as its first location.
The initiative at Banque Misr plans to help fintech startups by giving them subject matter sponsors from within Banque Misr. This gives businesses access to experts from all over the world who can help them with their next accelerated ventures and give them advice.
“I have no words to adequately convey the buzz that permeates this room. We have a high-quality staff that is poised to take over the real estate market, and we have the backing of investors and angel investors who have a lot of experience in our industry. “We want to revolutionize the way people perceive real estate in Egypt by making it more accessible and paving the way towards a sustainable approach to home ownership,” Mohamed ElKhatieb, Co-founder of Seqoon, said in an interview with WAYA. “We want to make it more accessible, and we want to pave the way toward a sustainable approach to home ownership.”
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The Startup helps people own shares of vacation homes
By giving people the ability to own shares of a vacation home while still enjoying all of the benefits of real estate ownership, Seqoon presents a novel approach to the ownership of real estate. This year, Omar Eldessouky and Mohamed Elkhatib are thought to have set up the co-ownership platform.
We should all reconsider our decisions in light of the fact that global markets appear to be moving in the direction of a recession. Co-ownership is one of the ways that Seqoon plans to shake up the traditional real estate market in Mena. This will allow residents to have the option of living a luxurious lifestyle but in a way that is savvier and more environmentally friendly. We think that this is the most practical way to acquire the holiday house of your dreams. Omar Eldessouky, the CEO of Seqoon, made the following statement.
Eldessouky went on to say that a significant number of Seqoon’s users are looking for co-ownership so that they can invest in the region’s properties with the highest potential for value appreciation at lower initial investment levels.
Seqoon desires to expand its operations in 2023
By the year 2023, Seqoon plans to extend its operations to include the North Coast of the Mediterranean as well as more Red Sea locations like Dahab.
Seqoon’s can offer its customers co-ownership because it uses a legal framework backed by the law firms Zaki Hashem & Partners and Shehata & Partners.
About Seqoon
Seqoon is a platform that provides a service for locating and buying co-ownership shares in vacation homes. They begin by establishing a limited liability company (LLC) for each property, do due diligence on potential co-owners as well as the property itself, and then take over management of the residence.