iCommunity, Egypt’s mobile community platform for the real estate industry, announced that it has secured $600,000 in Series A funding from technology venture capital fund Algebra Ventures.
Founded in 2016, iCommunity is a community management platform and social private network for real-estate developers to communicate and provide services to their residents.
The company plans to use the investment to grow in Egypt while expanding internationally.
‘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,” says Algebra Ventures’ Managing Partner, Tarek Assaad.
iCommunity co-founder & CEO Karim Akram said: “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.
Algebra Ventures is a $50 million Cairo-based venture capital fund that invests in early-stage technology companies. It has invested in companies such as Eventtus, Elmenus, GoodsMart, La Reina, POSRocket, and Filkhedma.
The new investment comes shortly after Algebra Ventures’ led a $1.5 million funding round for the Jordanian cloud-based point-of-sale platform POSRocket and a round worth $1 million for the online fashion rental platform La Reina.