{"id":654327,"date":"2024-10-31T00:00:00","date_gmt":"2024-10-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/31\/ksas-ayen-fully-acquires-local-startup-elmawkaa-in-sar-seven-figure-transaction\/"},"modified":"2024-10-31T00:00:00","modified_gmt":"2024-10-31T00:00:00","slug":"ksas-ayen-fully-acquires-local-startup-elmawkaa-in-sar-seven-figure-transaction","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/31\/ksas-ayen-fully-acquires-local-startup-elmawkaa-in-sar-seven-figure-transaction\/","title":{"rendered":"KSA\u2019s Ayen fully acquires local startup Elmawkaa in SAR seven-figure transaction"},"content":{"rendered":"

Egyptian contech startup Elmawkaa has been acquired by Saudi-based Ayen: <\/strong>Home-grown construction tech startup Elmawkaa<\/a> has been acquired by Saudi-based real estate appraisal platform Ayen<\/a> in a SAR seven-figure transaction that will see Ayen integrate Elmawkaa\u2019s construction materials marketplace into its property evaluation platform, according to a press release (pdf)<\/a>.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.<\/p>\n

The terms:<\/strong> 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.<\/p>\n

The why: <\/strong>The acquisition will allow Ayen to integrate Elmawkaa\u2019s materials marketplace into its existing, fee-based property valuation service, part of which involves suggesting potential renovations that could add value to users\u2019 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 \u2014 alongside contributing to the firm\u2019s expansion in Egypt.<\/p>\n

Unlocking new markets: <\/strong>\u201cThrough 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,\u201d Ayen founder and CEO Ali Almohsen said in the press release. <\/p>\n

About Elmawkaa: <\/strong>Founded in 2017, Elmawkaa\u2019s 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 \u2014 including a seed round led by Flat6Labs<\/a> in 2021 \u2014 helping the company establish itself in the Egyptian and Saudi markets, Anwar said.<\/p>\n

In numbers: <\/strong>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. <\/p>\n

What\u2019s next for Ayen?<\/strong> 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.<\/p>\n

Proptech startups have a big role to play in our urban development plans: <\/strong>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<\/a>, with ACUD chairman Khaled Abbas underscoring the importance of proptech in the future of urban development, including Egypt\u2019s smart cities.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition will allow Ayen to integrate Elmawkaa\u2019s materials marketplace into its platform<\/p>\n","protected":false},"author":1,"featured_media":654328,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[130,72,83,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-construction","tag-enterpriseam","tag-real-estate","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"808930bf-b027-428f-81e5-0c5337739e60","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2799.jpg","photo_position":"above","homepage_title":"","full_issue_title":"KSA\u2019s Ayen fully acquires local proptech startup Elmawkaa in SAR seven-figure transaction","related_issue":[654316],"teaser":"The acquisition will allow Ayen to integrate Elmawkaa\u2019s materials marketplace into its platform","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.31db2bc3-cccd-40a5-af9b-db89352c5282.mp3"},"yoast_head":"\nKSA\u2019s Ayen fully acquires local startup Elmawkaa in SAR seven-figure transaction - 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Real estate startup Seqoon has secured USD 500k in a pre-seed round led by Banque Misr through the lender\u2019s fintech-focused pilot program. A number of angel investors also participated, according to\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/314.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545562,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/04\/mental-health-startup-o7-therapy-raises-usd-2-1-mn-seed-round-flat6-launches-new-saudi-fund\/","url_meta":{"origin":654327,"position":5},"title":"Mental health startup O7 Therapy raises USD 2.1 mn seed round + Flat6 launches new Saudi fund","author":"enterpriseam admin","date":"4 April 2022","format":false,"excerpt":"Egyptian online mental health startup O7 Therapy has raised a USD 2.1 mn seed round in what the startup says is the largest seed round for a mental health startup in the Middle East, the company announced in a press release (pdf). The round was led by UK-based VC Hikma\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=654327"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654327\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/654316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/654328"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=654327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=654327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=654327"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=654327"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=654327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}