Seqoon, an Egypt-based proptech startup, has raised $500k in a pre-seed round led by Banque Misr’s pilot programme that encourages cutting-edge entrepreneurs in Egypt. Several well-known angel investors also participated in the round.

With this money, Seqoon is growing its team and has now chosen El Gouna as its first co-ownership location.

The Banque Misr initiative aims to help fintech startups by giving them internal subject matter sponsors and access to foreign experts in their fields for help and mentoring in their next accelerated ventures.

“The atmosphere here is electric; words fail me. With a top-notch staff and the support of investors and angels with extensive industry knowledge, we are prepared to dominate the real estate market. ”

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According to Mohamed ElKhatieb, co-founder of Seqoon, “We want to revolutionise the way people see real estate in Egypt by providing more opportunities and leading the way towards a realistic strategy to home ownership. We should all re-evaluate our decisions as the world markets approach a recession."

"Through co-ownership, Seqoon seeks to upend Mena’s established real estate industry by offering a selection of luxurious living options that are also more intelligent and environmentally friendly. This, in our opinion, is the contemporary approach to owning your ideal vacation property," Omar Eldessouky, CEO of Seqoon, commented.

He went on to say that many Seqoon customers are looking for co-ownership so they can buy the most valuable homes in the area at a lower price.