Funding

"We Got Funded!" Cairo-Based iCommunity Raises US$600,000 in Series A Funding Round

iCommunity, Egypt's first mobile community platform for the real estate industry, aims to transform the engagement between residents and real estate developers.
"We Got Funded!" Cairo-Based iCommunity Raises US$600,000 in Series A Funding Round
Image credit: iCommunity
2 min read

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

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

More from Entrepreneur

Elizabeth's expertise can help you scale your business, build a personal brand and focus on being a value-driven CEO.
Book Your Session

For a limited time only, get this bundle of Entrepreneur PressĀ® titles for less than $30 (60% OFF) on our bookstore when you use "LEAP" at checkout.
Buy Now

Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.