Investments

Egypt’s iCommunity raises $600K from Algebra Ventures for its mobile-based neighborhood social network

Cairo-bsaed iCommunity​ has raised $600,000 as Series A investment from Algebra Ventures, Egypt’s largest VC fund announced today.

Founded in 2016, iCommunity is a community management platform and private social network that connects residents, real estate developers, and facility management in a single and unified solution.

Available as Android and iOS apps, iCommunity is primarily being used in the top-tier gated communities of the country, allowing users to receive updates and notifications from the community managers of their compounds, discover the neighbors and interact with them, request in-home services from the community management team, issue security gate passes to visitors and more.

The company now claims to have already captured a significant market share of the gated community in Egypt.

iCommunity co-founder & CEO Karim Akram, speaking about the platform, said, “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. 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’ Managing Partner, Tarek Assaad, speaking about the investment said, “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,” he added.

iCommunity plans to use the investment to accelerate their growth in Egypt and expand internationally. The startup plans to use the financing also to build a great team that could help them ‘disrupt’ the real-estate industry.

It is worth nothing that Nextdoor, an American neighborhood social networking platform had raised $75 million earlier this year at an estimated valuation of $1.5 billion.

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