The first of its kind in Egypt and MENA, property co-ownership platform Seqoon raises $500,000 in a pre-seed round backed by Banque Misr, through the bank’s pilot program to support innovative startups in Egypt that aims to support financial technology (FinTech) startups, among other investors, Invest-Gate reports.

The funding is enabled by the bank’s program to support Egyptian fintech startups.

Seqoon uses the raised capital to enlarge its team and expand in El-Gouna.

Omar Eldessouky, CEO of Seqoon, comments: “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. We believe this is the modern way to own your dream vacation home.”

Eldessouky further adds that many of Seqoon’s users are able to invest in the region’s most value looking for coownership to also be appreciating properties at smaller ticket sizes.

Seqoon offers a new take on real estate ownership by empowering people to own shares of a vacation home (from 1/8th to 1/2) while enjoying the full perks of real estate.

The company plans to expand in Red Sea destinations, including Dahab, and the North Coast by 2023.