Egypt’s Housing & Development Bank Leads $7.5 Million Seed Round into NoCorner.com

Around nine leading Egyptian real estate firms in December 2013, came together to raise $7.5 million to build Egypt’s latest real estate site, NoCorner.com, the funds led by Housing and Development bank  and existing partners said the funds will be used for talent acquisition, product development and brand promotion in a move to make NoCorner Egypt’s leading property site.

NoCorner will also represent the country’s biggest and most professional brokers and banks and Mortgage firms.

Abdalla Al Abiary, the CEO of Nocorner.com said the site had noticed the rise of Real Estate portals in Egypt and wanted to work with them but realized their focus was different. NoCorner therefore decided to go big on its own, with a number of its partners which include six top Egyptian real estate firms, two government owned companies and one bank owned firm.

In a statement Mr. Sherif Shams Eldeen, the Managing Director of Saudi Egyptian Construction Company said; “This is an unprecedented opportunity for the industry to own a new and strategic marketing channel. We cannot afford relying on Media and Technology companies to serve our Digital Marketing needs, it was very clear how prices were raised aggressively in the past 12 months, and it seems that these companies are not serving our best interests”.