Property technology startup RentUp announces the launch of its first reverse marketplace in Egypt, Invest-Gate reports.
The reverse marketplace conducts reverse auctions for renting properties, linking landlords and tenants.
“The key reason behind the launch of this startup was to address the deficiency in the process of finding property for a tenant on one hand and the deficiency in the process of finding a tenancy contract for homeowners on the other hand,” RentUp’s CEO and Founder, Yehya Negm, says.
Launching the marketplace follows the startup’s recent completion of a six-figure pre-Seed round led by Japanese investors, which specializes in technology development and fintech innovation. In addition, RentUp is planning an ambitious business expansion strategy that will amplify its reach to more cities across Egypt, starting with Red Sea coast cities such as el Gouna and Sharm el Sheikh, among others.
Founded in 2020, RentUp provides tenants and home seekers with a platform to close rental deals by submitting requests including details such as budget and preferred location. Solutions offered by RentUp help landlords secure deals fast, increase the occupancy rate as well as maximize their revenues while providing customers struggling to find leads personalized property recommendations based on a simple-to-use technology.