Wamda Capital, KISP Ventures, and Raed Ventures has backed Aqarmap, an online real estate marketplace in Egypt.

While the funding round was closed several months ago, additional investment from a group of family offices with interests in the real estate sector across the region recently joined the fund.

Fadi Ghandour, Wamda Managing Partner, said: “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.” 

“We believe that that the team at Aqarmap has been exceptional in solidifying their position in the market and driving value to both consumers and real estate developers. We are excited to become part of the Aqarmap story and partner with Amad to help drive the business forward.”

Aqarmap is an online platform for buying and selling property. 

The website provides pricing information as well as detailed guides and reviews for all the neighbourhoods and compounds in Cairo.

Aqarmap will use new funds to solidify its existing leadership position in Egypt, grow its presence in Saudi Arabia, and expand into more markets.

Mohammad Alhajeri, KISP Ventures Director, said: “We have been tracking Aqarmap for two years and we are thrilled to be one of its anchor investors. Aqarmap fits perfectly with our strategy of investing in unique companies that complement our business and where we believe we can add value. The company is on the right path and has the great blend of investors to solidify its position as a regional leader.”

Omar Almajdouie, Founding Partner of Raed Ventures, added: “We are proud to participate in Aqarmap’s latest round in support of Amad’s visionary leadership whose persistence allowed the company to achieve sustainable growth with limited resources.”

Amad Almsaodi, CEO and Founder of Aqarmap, said: “We are honoured to have three of the leading VC firms in the MENA backing Aqarmap and believing in our vision.” 

“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. We are especially proud that we generate more than 200,000 leads every month, and have helped sell more than 15,000 properties in 2017 worth EGP12bn.”