Egyptian prop-tech startup Aqar Exit has secured an investment of EGP10 million ($183,000) from businessman Ayman Mamdouh Abbas, executive chairman of Intro Holding Group, in return for a 10 per cent stake in the company.
Founded in July, Aqar Exit operates a platform for transferring property purchase contracts, targeting buyers who are struggling to meet installment obligations on their real estate units.
The platform connects these sellers with prospective buyers seeking properties at their original contract prices, without paying additional premiums, commonly known in Egypt’s property market as overprice.
Under the company’s model, sellers can seek to recover the amounts they have already paid towards their properties without incurring contract assignment fees.
The investment follows Aqar Exit’s participation in the fifth season of Shark Tank Egypt, where it presented its business model to investors. The company will use the new capital to develop additional products and support its expansion into international markets, with a particular focus on the Gulf.
Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.