In a strategic acquisition, Ayen, the Riyadh-based real estate inspection platform, has acquired the Cairo-based construction technology (contech) startup Elmawkaa in a seven-figure deal. This milestone positions Ayen to expand its portfolio of services, enhancing its market reach and solidifying its presence in the regional real estate and construction sectors.
Ayen’s Founder and CEO, Ali Al-Mohsen, emphasized that this acquisition aligns with the company’s growth trajectory, which has seen it multiply its growth rate tenfold in the past year. Looking ahead, Ayen intends to initiate a pre-IPO funding round aimed at refining its service offerings and supporting its continued expansion. The deal not only brings Elmawkaa’s innovative team into Ayen’s fold but also opens doors for Ayen to enter new markets through their combined expertise.
Ebrahem Anwar, Elmawkaa’s co-founder and CEO, shared his excitement for the new chapter, extending his appreciation to the Elmawkaa team and the angel investors who played pivotal roles in the company’s journey. Key backers included notable institutions such as Flat6Labs, TIEC, Global 500, Hub71, and Taqadam.
This acquisition underscores Ayen’s commitment to expanding its service offerings in the real estate and contech sectors, reinforcing its aim to deliver comprehensive solutions to clients across the region.
