Egypt-based PropTech Milango acquires Circle
Egypt-based PropTech and tenant community management platform Milango acquires its local counterpart to ground its position in the market and expand its user base in the region.
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Cairo-based community management software provider Milango, backed by A15, has successfully acquired its local counterpart Circle, a 500 Startups-backed company, and winner of "The Best Disruptive Startup" representing Egypt at the 4th Annual AfricArena Summit, for an undisclosed amount. The acquisition will help Milango increase its market share and further solidify its position as the premium community management solution in the region.
The Egypt-based PropTech Milango provides a seamless solution to digitize and track interaction between tenants, property owners, and patrons. Using the latest technology, an integrated network of suppliers, and a custom UI/UX design, Milango is able to digitize every aspect of living spaces from residential properties to membership-driven clubs. Circle was founded by Nancy Kamal and Essam Maged in 2020. The platform enables real estate and property management to streamline communication with tenants, handle their requests, and reduce operational costs.
As recorded in our State of Startup Funding- 2022 Emerging Venture Markets Report, available for download, investor interest in MENA shifted towards industries with faster turnaround and Tech ventures with scale promise, where funds were heavily channeled towards FinTech, Transport & Logistics (T&L), and E-commerce in 2021. In Saudi Arabia, however, 3 rounds closed in the Real Estate and PropTech space recorded a new all-time high in the kingdom, with a record-breaking funding growth of 570% YoY. Most interestingly, PropTech propositions in 2021 focused on facility management and market appraisal with startups like Qreeb and Dallali as well as Saudi-based property marketplace ehsibha raising sizable investments over the past year. In Egypt, 4 PropTech startups raised south of $4M in 2021 to provide property owners and seekers with seamless dashboards. While some startups focused on the first stage of the value chain, providing digital platforms to list and sell properties including Nawy and Sakneen, other startups which Milango & Circle champion in their acquisition today, have taken a step further to incorporate data tools and tenant management platforms including RentUp and real estate search engine and platform Isqan.
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The acquisition grows Milango’s contracted user base to well over 100,000 residential units and the startup aims to leverage the acquisition to accelerate its growth in the community management category. Amr Mostafa, Milango’s CEO shared the team’s excitement and strong vision, “I’m very proud of the work Milango’s team has done over the past 18 months. We have managed to exceed our initial usage expectations and established an engaged user base that is nearing EGP 100 Million in financial transactions with strong projected growth on that front for 2022. We are confident that with the acquisition of Circle and the addition of their premium clients to our portfolio, we are on the right track to bring #ASmarterLife to all communities.”
Circle raised investment from 500 Startups MENA in May 2020 through the MISK500 accelerator program. This acquisition and power partnership allows the two PropTech startups to explore further Tech opportunities as they consolidate their user-base. In doing so, the new entity has set forth to position itself as a regional player able to expand into neighboring geographies and beyond. Circle Co-Founder/CEO Essam Maged concluded, “ Circle success wouldn't have been made possible without Nancy Kamal, my co-founder and her determined and ambitious mindset; the hard work of our team, and the support of our investors at 500 Startups. I strongly believe that the synergies this deal creates will shape a stronger proposition, that will serve millions of households across the region."
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