Elmawkaa, an Egypt-based building materials e-commerce marketplace and a participant in the 2021 TAQADAM Startup Accelerator, has been acquired by Ayen, a leading Saudi platform that specializes in real estate inspection and appraisal. This acquisition marks a significant step in Ayen’s regional growth strategy, enhancing its capabilities across public and private sectors.
The deal also underscores the critical role of KAUST and TAQADAM in accelerating innovative startups that drive technological advancement and digital transformation. Elmawkaa’s success highlights how the strategic mentorship and support provided by KAUST can help emerging ventures thrive in competitive markets while contributing to the evolution of the region’s property technology sector.
When Elmawkaa participated in TAQADAM in 2021, it stood out at for its innovative SaaS platform, designed to streamline the sourcing of building materials. Using advanced matching algorithms, the platform enables contractors, engineers and property owners to receive competitive and accurate quotes from vetted suppliers within minutes. This solution addressed a recurring challenge in the construction sector, making Elmawkaa an appealing acquisition target for Ayen.
The deal presents an opportunity for Ayen and Elmawkaa to leverage their combined expertise, offering enhanced real estate inspection and construction solutions. Together, they aim to scale operations, innovate services and expand their market footprint in the MENA region, with a positive impact on both public and private sectors.
Elmawkaa CEO Ebrahem Anwar described the deal as a milestone, crediting his company’s co-founders, partners and investors for their support. Ayen CEO Ali AlMohsen said that the acquisition completes an essential phase of his company’s strategy. It enhances Ayen’s service offerings as the company prepares for its pre-IPO investment round, focusing on project financing and real estatec insurance.