Egypt’s iCommunity raises $600k from Algebra Ventures in Series-A round

Cairo-based community management platform iCommunity has raised $600 000 from Egyptian VC firm Algebra Ventures in a Series-A funding round.

The startup — which was founded in 2016 by managing director Karim Akram and CTO Antoine Megalla — connects residents, real-estate developers and facility management through its app. The platform’s target market is Egypt’s gated communities.

Commenting in a statement from Algebra Ventures today (2 October), Akram said the startup intends to use the investment to expand in both its home country and internationally.

Cairo-based iCommunity was founded in 2016 by managing director Karim Akram and CTO Antoine Megalla

“We want to build the best team to deliver a world-class platform that disrupts the real estate industry,” he added.

Akram said the startup believes 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,” he 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,” added Akram.

Algebra Ventures managing partner Tarek Assaad said the VC firm’s is attracted to startups that go after sizeable multi-billion dollar industries, like real estate.

“The digitisation of the real-estate industry will create significant value in the MENA (Middle East and North Africa — Ed) 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,” said Assaad.

Featured image: iCommunity team photo (Supplied)