Egyptian startup Seqoon closes $500K in a pre-seed round

Acquah Nana Yeboah -

Seqoon, an Egypt-based real estate co-ownership startup, has raised $500k in a pre-seed round through Banque Misr’s pilot program to support innovative startups in Egypt. Other notable angel investors in the MENA region also participated in the round.

  • Seqoon which launched this year was founded by Omar Eldessouky and Mohamed Elkhatieb, the company offers a new take on real estate ownership by empowering people to own shares of a vacation home while enjoying the full perks of real estate.
  • Seqoon, whose first co-ownership destination is El Gouna, will use this capital to grow its team and expand into other Red Sea destinations, such as Dahab, as well as the Mediterranean North Coast by 2023.
  • The Banque Misr program aims to support innovative fintech startups with subject matter sponsors and provide startups with international subject matter experts for guidance and mentorship in the upcoming accelerated ventures.
  • "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,” Seqoon’s CEO, Omar Eldessouky, stated.