Startup MGZN

This Egyptian online real estate marketplace just got funded by Wamda Capital, KISP Venture and Raed Ventures

Egypt’s Leading online real estate marketplace Aqarmap announced that it has raised funds from UAE-based Wamda Capital, Kuwait based KISP Ventures, and Saudi-based Raed Ventures.

The startup has already closed the round several months ago but has just announced that it’ll be receiving additional funding from a group of Family Offices that have a number of investments in Real Estate around the region.

KISP Ventures Director, Mohammed Alhajeri said that they’ve been tracking Aqarmap for 2 years and are thrilled to be one of their investors. “Aqarmap fits perfectly with our strategy of investing in unique companies that complement our business and where we believe we can add value,” he said.

Fadi Ghandour, Wamda Managing Partner also commented on the investment saying: “The cornerstone of our investment philosophy is to invest in entrepreneurs that are reshaping their industries. Our investment in Aqarmap is redefining the way in which real estate is sold in Egypt. We believe that that the team at Aqarmap has been exceptional in solidifying their position in the market and driving value to both consumers and real estate developers. We are excited to become part of the Aqarmap story and partner with Amad to help drive the business forward.”

Moreover, Amad Almsaodi, CEO and Founder of Aqarmap expressed his delight on getting saying: “We are honored to have 3 of the leading VC firms in the MENA backing Aqarmap and believing in our vision. Despite our limited funding in the past, we managed to outperform all our competitors, and today we are bigger than all our direct competitors combined with all relevant metrics.”

Amad adds that they’re most importantly proud of generating more than 200,000 leads every month and have helped sell more than 15,000 properties in 2017 worth 12 12 Billion Egyptian Pounds. “We are going to use these new funds to solidify our existing leadership position in Egypt, grow our presence in Saudi Arabia, and expand into more markets,” he said.

Avatar

Startup MGZN