TechInAfrica — Egypt’s first mobile community platform for the real estate sector, iCommunity has received $600K fund in Series A from Algebra Ventures, Egypt’s largest venture capital fund.
iCommunity was established in 2016 by Karim Akram and CTO Antoine Megalla as a community management platform as well as private social network. It connects residents, real estate developers, and facility management as a single, unified and extensible solution. iCommunity focuses on the top-tier gated communities. Recently, it has been significantly growing and offering transform customer engagement and service provision for both residents and developers. It has now broadened its market to the gated community in Egypt.
The Managing Partner of Algebra Ventures, Tarek Assaad is feeling excited about the investment in the community platform. He says, “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,”
“Startups that go after sizable multi-billion dollar industries, like real estate, attract Algebra’s attention. 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.”
The Managing Director and Founder of iCommunity, Karim Akram comments about the investment of Algebra Ventures on iCommunity App. He says that he intends to use the fund to expand the platform widely within and outside the country (globally).
“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.” Akram says. He continues, “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,”
“The company plans to use the acquired investment in two key areas, ‘We will use the funds to grow faster in Egypt and internationally. 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.” Akram closes his statement.
iCommunity is the community management platform and social private network for real estate developers to communicate and provide services to their residents. Algebra Ventures is a $50 million Cairo-based venture capital fund that invests in early-stage technology companies. Its investments include Eventtus, Elmenus, GoodsMart, La Reina, POSRocket, and Filkhedma.
For more information, please contact: iCommunity