Egyptian real estate portal Aqarmap.com has announced it is finalising plans to expand into Saudi Arabia, and it is currently looking for venture capital and angel investors.
Recently, the company launched AqarMap Egypt Index, the first property index in Egypt, which was adopted by most of the major newspapers and financial magazines as the monthly indicator of how the property market is performing.
Amad Almsaodi, CEO of Aqarmap.com, says: “We have been surprised by the positive response that we received in the Egyptian market, especially when the country has been going through major transitions. We actually achieved break-even in July, 10 months ahead of our planned date. We are currently raising funding from Venture Capital firm and Angel Investors to finance our growth into the Saudi market.”
Aqarmap.com was launched in May 2011 as the first professionally managed Real Estate portal in Egypt. The company received seed financing from N2V – National Net Ventures – a Saudi based VC firm that invests in Internet Startups, Fadi Ghandour – CEO of Aramex, and Jamal Almuttareb – CEO of Almuttareb Enterprises. Today, the company boosts more than 105,000 registered buyers, 18,000 registered sellers, and more than 22,000 active properties.
The company signed strategic partnerships with the leading Real Estate Developers in Egypt, including: SODIC, Hyde Park – DAMAC, Emirates Heights, and IGI properties. The company was also ranked amongst the 500 fastest growing companies in MENA in 2011. Aqarmap.com receives 300,000 visits / month, and more than 2,000,000 monthly pageviews.