Website raising funds from venture capitalists and angel investors to break into lucrative Saudi market
An Egypt-based online real estate website is preparing to expand its operations into Saudi Arabia,after several months of market research and forming partnerships.
Aqarmap.com, which was launched in May 2011, received seed financing from a Saudi-based venture capital firm that invests in internet start-ups, National Net Ventures (N2V), Aramex CEO Fadi Ghandour, and the chief executive of Almuttareb Enterprises, Jamal Almuttareb.
Currently, the company boasts more than 105,000 registered buyers, 18,000 registered sellers, and more than 22,000 active properties.
Furthermore, the portal launched the first property index in Egypt, AqarMap Egypt Index,which was adopted by most major newspapers and financial publications as the monthly indicator of how the property market is performing.
“We have been surprised by the positive response that we received in the Egyptian market,” said Amad Almsaodi, CEO of Aqarmap.com.
“We are currently raising funding from venture capital firms and angel investors to finance our growth into the Saudi market,” he added.