The startup plans to use the acquired investment in two key areas; geographical and team expansion.
Egypt’s first real estate community platform, iCommunity, has announced $600,000 in its Series A funding from the local venture capital Algebra Ventures. The startup plans to use the acquired investment in two key areas; "We will use the funds to grow faster in Egypt and internationally," says iCommuntiy's CEO Karim Akram. "To do that we need to invest in our organisation. We want to build the best team to deliver a world class platform that disrupts the real estate industry."
Founded in 2016, iCommunity has been connecting residents, real estate developers, and facility management all in a single, unified, extensible solution. "We believe in the paramount importance of customer satisfaction in gated communities beyond just moving in," says Akram. "We aspire to make sure residents have exceptional experiences within their communities." The company now captures a significant market share of the gated community in Egypt.
With a focus on top-tier gated communities, iCommunity has been growing fast and helping transform customer engagement and service provisioning for developers and residents. "The Algebra team enjoyed working with the iCommunity team to better understand their business and vision for the future of the company. We are impressed by the remarkable traction they achieved with the leading real estate developers in Egypt,’ says Algebra Venture's Managing Partner Tarek Assaad.
"Startups that go after sizable multi-billion dollar industries, like real estate, attract Algebra’s attention," says Assaad. "The digitisation of the real estate industry will create significant value in the MENA region and iCommunity is at the forefront of that transformation. We look forward to continuing to support the company as it further expands its reach and grows its customer base."
Main Image: The team behind iCommuntiy.
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