Mohamed ElKhatieb and Omar ElDessouky [Credit: Seqoon]

Seqoon receives $500k in pre-seed investment

Egypt: Cairo-based vacation home co-ownership startup Seqoon has announced that it has raised $500,000 in a pre-seed funding round.

The funding came through Banque Misr’s pilot programme, which supports innovative fintech startups across Egypt, while a number of other unnamed angel investors are also said to have participated in the round.

Seqoon plans to utilise the new investment to expand its team, following the launch of its first co-ownership destination in El Gouna, a resort town on Egypt’s Red Sea.

Seqoon co-founder Mohamed ElKhatieb told WAYA: “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.

“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,” he added.

Founded earlier this year, Seqoon provides a service for finding and purchasing shares in a second home and aims to make co-ownership of vacation homes accessible and effortless.

Seqoon CEO Omar Eldessouky said: “With the global markets heading towards an economic downturn, we all need to rethink our choices. 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.”

The startup is also seeking to expand into other destinations on the Red Sea, including Dahab, as well as the Mediterranean north coast by 2023.

Similar marketplaces to have raised funding this year include Miami-based Here [$5 million seed round in July], Arrived Homes [$25 million Series A round in May], London- and Athens-based proptech startup Flyway [$10 million seed and debt funding round in August], Berlin-based MYNE Homes [$23 million / €23.5 million in seed funding round in July], and real estate investing platform Getaway, which officially launched and closed a $5.9 million seed funding round last week.

On Tuesday 1 November [4pm GMT], ShortTermRentalz will host a ‘RockSTRz’ webinar on “Timeshare, fractional ownership and membership clubs: making a comeback?” – sign up for the no-cost session at this link.

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