Although the startup closed the funding round several months ago, the announcement of the investment was made today as it also coincided with the receipt of additional investments from a group of Family Offices who have interests in the region’s real estate sector. The exact valuation of the amount of funding received is yet to be disclosed.
Aqarmap was originally founded in Yemen back in 2011 as the brainchild of Amad Almsaodi. Through its mobile app and web platform, the startup is helping users buy, sell, and rent properties in Egypt, Saudi Arabia, and the UAE.
The startup claims to have been instrumental in the sale of up to 17,000 housing units in 2016, with a total valuation of around USD 500 Mn. Aqarmap also boasts of having facilitated the sale of about 15,000 housing units valued at over USD 650 Mn last year. The startup considers itself as one of Egypt’s largest online marketplace for real estate. The latest funding round is coming in the wake of previous rounds including an initial investment that was secured back 2011, with Wamda Capital’s Fadi Ghandour also weighing in as an angel investor.
The startup’s Founder and CEO expressed his delight at the prospect of garnering interest from “three of the leading VC firms in the MENA region,” while also citing that the financial backing as a testament to their belief in the vision of the startup. “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,” Amad is quoted as saying with respect to the development.
The new injection of funds is expected to go some way towards “solidifying the startup’s existing leadership position in Egypt,” as well as catalyze its growth in Saudi Arabia, while also fueling its expansion plans into more markets.
On the backs of the development, Fadi Ghandour, Chairman at Wamda Capital, is quoted as 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.”
He also expressed his confidence in the ability of the team at Aqarmap to put in good work towards strengthening their position in the market and imparting value to both customers and real estate developers through their services. The Wamda Chief concluded by hinting at the excitement of Wamda Capital in partnering with the team at Aqarmap intending to driving further business growth.
This development first appeared on Wamda.com
Feature image via Facebook