iCommunity; an Egyptian mobile community platform for the real estate industry, has announced the receipt of a Series-A investment valued at USD 600K from Algebra Ventures, one of Egypt’s largest venture capital fund. The investment from the Egyptian VC fund appears to be following from previous investments into a number of enterprises including Eventtus, Elmenus, GoodsMart, La Reina, POSRocket, and Filkhedma.
iCommunity was established in 2016 and the startup is understood to be a community management platform and private social network that connects residents, real estate developers, and facility managers in what can be considered a single, unified, extensible solution.
iCommunity is believed to be focused on top-tier gated communities and startup appears to be making significant headway in the area of helping transform customer engagement and service provision for both developers and residents. The efforts of the company appear to be yielding fruit as it is now believed to capture a significant market share of the gated community in Egypt.
In a press release issued by the Egyptian VC fund, Tarek Assaad, Managing Partner at Algebra Ventures expressed enthusiasm with regards to the development. “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 Assaad.
Commenting on the remarkable growth that the platform has witnessed in its relatively short existence, Karim Akram, CEO and Co-Founder of iCommunity, related the traction gained to the company’s focus on customer experience. According to him; “We believe in the paramount importance of customer satisfaction in gated communities beyond just moving in. We aspire to make sure residents have exceptional experiences within their communities. With our targeted strategy and fast-growing platform, we’re in a great position to offer exceptional value to both developers and residents as we have a unique understanding of our residents’ needs.”
“Startups that go after sizeable multi-billion dollar industries, like real estate, attract Algebra’s attention,” says Assaad. “The digitization 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.”
Two main aspects of the company are expected to get the most attention by virtue of the investment. “We will use the funds to grow faster in Egypt and internationally,” says Akram. “And to do that, we need to invest in our organization. We want to build the best team to deliver a world-class platform that disrupts the real estate industry.”