"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,” says Amad Almsaodi, CEO and co-founder of Aqarmap, an Egyptian real estate e-commerce startup.
Egyptian real estate e-commerce startup, Aqarmap, has announced on September 4th that it has raised funds from the Emirati Wamda Capital, Kuwaiti KISP Ventures, and Saudi Raed Ventures. The round was closed several months ago, and has recently been injected with additional funding from a group of family offices that have substantial investments in the real estate industry across the region.
"We are honoured to have three of the leading VC firms in the MENA backing Aqarmap and believing in our vision," says Aqarmap's CEO and Founder Amad Almsaodi. "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 by all relevant metrics."
Aqarmap generates more than 200,000 leads every month; which has helped sell more than 15,000 properties in 2017 worth EGP 12 billion. "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.”
On his part, Omar Almajdouie, the founding partner of Raed Ventures expressed his pride in taking part in Aqarmap's latest round; "Amad’s visionary leadership [and] persistence [has] allowed the company to achieve sustainable growth with limited resources." KISP Ventures has been tracking Aqarmap for two years. "Aqarmap fits perfectly with our strategy of investing in unique companies that complement our business and where we believe we can add value," says KISP Ventures Director Mohammad Alhajeri. "The company is on the right path and has the great blend of investors to solidify its position as a regional leader.”
The cornerstone of Wamda Capital's 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," adds Fadi Ghandour, Wamda's Managing Partner. "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.”
Main Image: Amad Almsaodi, CEO and Founder of Aqarmap. Courtesy of Aqarmap.
Sign up for the weekly newsletter