Milango, a community management software provider has acquired local rival Circle, an Egypt-based property management software creator and a 500 Startups-backed company, for an undisclosed amount.
According to Milango, the acquisition grows Milango’s contracted user base to more than 100,000 residential units and the startup aims to leverage the acquisition to accelerate its growth in the community management category.
“I’m very proud of the work Milango’s team has done over the past 18 months,” said Amr Mostafa, Milango’s CEO. “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.”
Founded in 2016, Milango was first used by digital advertising agency Kijami as a service provider to its clients. However, in 2019 the startup became an independent platform after Mostafa was appointed as the new CEO.
Since then, the startup has continued to provide services to closed communities in Egypt with products tailored to gated compounds, and sporting and social clubs. Its products range from giving communities a cashless environment, to access control, facility management and more.
In 2020, the proptech raised an undisclosed six-figure investment led by Egyptian entrepreneurial company, A15.
“We invested in Milango because it makes sense due to the gap it is filling in the market as in digitally transforming communities whether compounds or clubs by making the experience served to its residents and members more seamless, appealing and meaningful,” said Fadi Antaki, A15’s Chairman.
As for Circle, Milango’s recent acquisition, the two-year old platform aims to enable real estate and property management to streamline communication with tenants, handle their requests, and reduce operational costs. Circle raised investment from 500 Startups MENA in May 2020 through the MISK500 accelerator program.
“I strongly believe that the synergies this deal creates will shape a stronger proposition, that will serve millions of households across the region,” Essam Maged, Circle’s CEO, said.
The MENA region – Middle East and North Africa – proptech sector has shown promising growth more recently as Egyptian proptech startup Nawy, which began life in 2016 as an AI-driven property, released this week that it is now set to introduce in its catalog a mortgage service for pre-owned property.