"We Got Funded!" Cairo-Based iCommunity Raises US$600,000 in Series A Funding Round
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iCommunity, a mobile app for managing gated communities, has raised US$600,000 in Series A funding from Algebra Ventures.
Dubbed Egypt’s first mobile community platform, iCommunity connects residents, real estate developers, and facility management in a single, unified, extensible solution, transforming customer engagement and service provisioning for all parties involved. It now captures a significant market share of the gated community in Egypt.
Algebra Ventures is a $50 million Cairo-based venture capital fund that invests in early-stage technology companies, including Eventtus, Elmenus, GoodsMart, La Reina, POSRocket, and Filkhedma.
Speaking about the fundraising process, iCommunity co-founder and CEO Karim Akram explains that it required them to reexamine their strategy and implementation plans. “The process is not a walk in the park,” Akram explains. “It takes time and it was also quite expensive in terms. But we are extremely happy, and believe in the relationship with Algebra Ventures, and have a very solid plan on how we will use the money to grow, meet, and exceed everyone's expectations.”
The company aims to use the funds to build a strong team and to expand both domestically and regionally.Related: Eventtus Raises US$2 Million From Algebra Ventures And 500 Startups