News emerged last week that the Egyptian prop-tech startup Circle has been acquired by community management startup Milango in a move that will see the latter add more than 100,000 residential units to its client base. However, the reason behind the acquisition was not made known as at the time of the transaction.
Circle was founded by Nancy Kamal and Essam Maged in 2020, and backed by 500 Global, Circle enables real estate developers as well as property owners to connect easily to tenants. Milango, meanwhile, was launched in 2021 by Amr Mostafa, and offers business clients tools to help them digitise via its set of community management tools. It is funded by A15.
Milango said that the acquisition of Circle is to increase its market share. The startup aims to leverage the acquisition to accelerate its growth in the community management category.
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“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 are nearing EGP100 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,” said Amr Mostafa, Milango’s CEO.
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“I strongly believe that the synergies this deal creates will shape a stronger proposition, that will serve millions of households across the region,” said Circle CEO Essam Maged.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry