EGYPT – Seqoon, an Egyptian real estate co-ownership firm, has secured US$500,000 in a pre-seed round from Banque Misr’s pilot initiative to encourage creative entrepreneurs.

Several renowned angel investors also participated in the round.

Seqoon is using this funding to expand its staff and has already opened its first co-ownership location 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.”

The Banque Misr initiative intends to promote fintech startups by offering subject matter sponsors from within Banque Misr as well as foreign subject matter experts for guidance and mentorship in emerging accelerated enterprises.

Seqoon, founded in 2022 by Omar Eldessouky and Mohamed Elkhatieb, provides a unique perspective on real estate ownership by allowing consumers to own shares of a holiday house while enjoying all of the benefits of real estate. This year, Omar Eldessouky and Mohamed Elkhatieb created the co-ownership platform.

“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 went on to say that many Seqoon customers are searching for co-ownership in order to invest in the region’s most valuable properties at lower ticket prices.

By 2023, Seqoon plans to expand into additional Red Sea locations such as Dahab and the Mediterranean North Coast.

Seqoon’s legal approach, supported by law firms Zaki Hashem & Partners and Shehata & Partners, makes co-ownership possible.

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