Seqoon, a company enabling people to own a share of a rental home, has raised pre-seed funding of $500,000.
The investment was backed by Banque Misr, which is running a pilot program to help startups in Egypt, as well as a number of angel investors.
Cairo-based Seqoon, which recently unveiled to El Gouna, Egypt, as its first co-ownership destination, will use the funds to expand its team.
The startup has other Red Sea destinations in its sights for further expansion next year.
Omar Eldessouky, CEO of Seqoon, says: “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.”
The startup says it was encouraged to launch a co-ownership platform in Egypt because of increasing prices vacation homes in popular destinations.
The company is not the only startup to see opportunity in vacation rental co-ownership with Pacaso raising $125 million just over a year ago for its platform.
More recently, Ember raised $17.4 million for its platform which enables consumers to buy a share in vacation homes.