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Egyptian contech startup Elmawkaa has been acquired by Saudi-based Ayen: Home-grown construction tech startup Elmawkaa has been acquired by Saudi-based real estate appraisal platform Ayen in a SAR seven-figure transaction that will see Ayen integrate Elmawkaa’s construction materials marketplace into its property evaluation platform, according to a press release (pdf).
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The terms: The transaction will see Ayen fully acquire Elmawkaa through a share swap, with the founders and existing investors making a 100% exit from the company, Elmawkaa CEO Ebrahem Anwar told EnterpriseAM. Anwar and his fellow cofounders Mohamed Thabet and Mahmoud Habib will hold C-suite positions within Ayen as part of the agreement.
The why: The acquisition will allow Ayen to integrate Elmawkaa’s materials marketplace into its existing, fee-based property valuation service, part of which involves suggesting potential renovations that could add value to users’ property, Anwar told EnterpriseAM, explaining that the move will allow Ayen to direct clients to their own in-house marketplace, offering a more integrated experience — alongside contributing to the firm’s expansion in Egypt.
Unlocking new markets: “Through acquiring Elmawkaa, we will complete our service cycle for clients and unlock new markets. We are excited to work with this talented team, whose expertise will bring substantial value to our organization as we continue to innovate and grow,” Ayen founder and CEO Ali Almohsen said in the press release.
About Elmawkaa: Founded in 2017, Elmawkaa’s platform uses matching algorithms to help users buy and sell building materials, allowing customers to request quotations from suppliers before choosing the best bid. The company has raised USD 500k over three successful funding rounds — including a seed round led by Flat6Labs in 2021 — helping the company establish itself in the Egyptian and Saudi markets, Anwar said.
In numbers: At the moment, the company connects 11k contracting companies operating in the local market with 1.8k suppliers and some 1.5k contracting companies with 600 suppliers in the Saudi market.
What’s next for Ayen? Post-acquisition, the company plans to kick off an expansion drive in the Egyptian, Saudi, and Emirati markets, with the company looking to Elmawkaa to deepen its presence in Egypt. The company is also set to open a new pre-IPO investment round focused on real estate ins. and project financing, as the company gears up for expansion into new GCC markets, AlMohsen said.
Proptech startups have a big role to play in our urban development plans: Egyptian property tech startups got a boost last month after the Administrative Capital for Urban Development (ACUD) announced the launch of an incubator for real estate startups, with ACUD chairman Khaled Abbas underscoring the importance of proptech in the future of urban development, including Egypt’s smart cities.
