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Egypt Tag

Egypt Edtech Startup Receives Six-Figure Funding

GFA Attract, GFA Mentorship Program & Application Portal For Funding Egypt edtech startup, Akhdar has secured a six-figure US dollar investment from EdVentures, an Egypt-based venture capitalist firm that focuses on investing in the fields of education, culture, and innovative learning solutions. According to reports from EdVentures, Akhdar will use the funding to grow its existing library of content with new categories and topics. Dalia Ibrahim, Founder of EdVentures and CEO of Nahdet Misr Publishing House explains that the investment will be used to increase the gamification model and enhance the technologies used at the edtech startup. Read also: Small Business Resolutions To Boost Your Cash Flow In 2021 “EdVentures is always keen...

Why Are Investors Rushing After North Africa’s Fashion Startups?

No region of Africa has seen as much investment in its fashion e-shops as North Africa, and particularly Egypt. In 2020 alone, about seven major deals were closed on fashion startups in the region, at least six of them in Egypt. This trend is uncommon in the startup ecosystems of Sub-saharan Africa. In fact, apart from Afrikrea, an Ivory Coast-based startup, whose ecommerce platform has a fashion section, and which recently raised $1 million in funding, it is very rare to see a startup exclusively built for fashion raise investments from venture capital firms as well as other types of investors in other parts of Africa....

Egyptian Entrepreneur Builds E-commerce Platform To Connects Small Retailers To Suppliers

In 2018, when Belal El-Megharbel walked away from a flourishing career at Careem, a Middle East ride-hailing pioneer, his family was stunned. It wasn’t the first time he had turned his back on a promising opportunity; he had left the family business years earlier while on a quest to “take a different route”. His relatives still hoped he would fall back into the family business and work alongside his 24 cousins, but El-Megharbel had other plans. He wanted to build a digital platform to manage procurement and delivery of grocery products to mom-and-pop shops in Egypt. As part of the early team at Careem, he saw “how one...

Private Equity Firm B Investment Sells Its 20% Stake Of Total Egypt To Total Outre-Mer

EGYPT – B Investments Holding, an Egypt-based private equity firm, has signed a contract to sell 20% of its stake in Total Egypt to Total Outre-Mer, France, for a total consideration of approximately EGP 146 million (US$9.3 million), in accordance with the exit terms pre-agreed with Total at the time of the investment in Total Egypt.  In a statement to the Egyptian Exchange (EGX), the company said that, after the deal’s completion, its stake in Total Egypt will decrease from 7.98% to 6.38%.  Read also: China To Overtake US As World’s Biggest Economy By 2028: Report During the first nine months (9M) of 2020, B Investments Holding achieved profits...

Amazon Comes To North Africa, Launches Payment Services

Global ecommerce company Amazon has arrived North Africa fully and in a ground-breaking way. The trillion dollar company has announced the launch of Amazon Payment Services (APS) in the MENA zone (Middle East and North Africa). Apart from payments, this is a major boost to its ecommerce platform in the region. “Today’s launch marks another key milestone in Amazon’s promise to build the future of digital payments in the region, empowering businesses to provide user-friendly payment experience for their end-users… Amazon Payment Services is a natural next step in our journey, focusing on four fundamental pillars of trust, convenience, selection and pricing, underpinned by a best-in-class experience...

Egypt’s Dsquares Secures New Funding For Expansion Outside Egypt

Algebra Ventures’ portfolio company Dsquares, which provides businesses with unique full-service loyalty and rewards solutions aimed at keeping customers loyal, has secured fresh funds to fuel its expansion, almost two after its last funding.  “The LCP partnership and investment will help Dsquares expedite its clients and merchants expansion plans in the Middle East, Africa and Europe and maintain its position as the loyalty & rewards solutions leader in the region,” Marwan Kenawy, the co-founder and CEO of Dsquares, said.  Here Is What You Need To Know Although the exact amount involved in this round of funding was undisclosed, the investment came from Egyptian private equity firm Lorax Capital Partners....

Egyptian Fintech Startup Zeal Rewards Secures Six-Figure Seed Funding

Zeal Rewards, the Egyptian fintech that enables users to link different payment methods (e.g. bank debit cards — with their Zeal accounts) and then make in-store payments by presenting the app’s QR code to a scanner at the store has secured a seed investment from an angel investor, without the exact amount of the investment, other than the fact that it is six-figure.  Read also: Coliba, Ivorian Waste Management Startup Ramps Up New Funding “With financial inclusion prioritized by the Central Bank of Egypt and a population of 100 million, Zeal is bringing Egyptians a seamless and rewarding mobile payments experience. We are targeting multi-sited food and beverage outlets,...

ITIDA Partners With AUC Venture Lab To Empower Local Entrepreneurs

EGYPT – Information Technology Industry Development Agency (ITIDA) and the AUC Venture Lab accelerator are collaborating on Startup Launchpad, a capacity-building programme that aims to empower local entrepreneurs as they launch their technology startups. The partnership between ITIDA and AUC Venture Lab, the accelerator programme based at the American University in Cairo (AUC), aims to support entrepreneurs through extensive training and rich content. Read also: New VC Fund Launches For SA Entrepreneurs To Expand Into Europe The program, powered by ITIDA, will be delivered by AUC Venture Lab, a member of the Babson Collaborative for Entrepreneurship Education, which was founded by Babson College, the US-based globally leading educational institute...

Sarwa Capital Closed Its Inaugural Sukuk Issuance Of US$ 159.84m, The First In Egypt

EGYPT – Sarwa Capital for consumer and structured financial services has successfully closed its inaugural Sukuk issuance by Sarwa Sukuk, a subsidiary of Sarwa Capital, of EGP2.5 billion (US$ 159.84m), as Egypt seeks to attract a new segment of investments. The issuance is a Shariah compliant 7-year Mudarabah Sukuk and received a high credit rating of A- by the Middle East Ratings and Investors Service (MERIS). This issue is the first transaction of its kind and the largest Sukuk issuance in Egypt. Read also: Africa-Focused Travel Tech Startup Raises Six-Figure Seed Funding The proceeds will be used for further expansion of Contact Credit and its affiliate companies. This transaction comes...

Apart From Fashion, Investors Are Increasing Their Interests In Egypt’s Gaming Startups As Eksab Raises $500,000

Barely two months after Egyptian gaming startup Anubis Gaming announced it has raised $300,000 seed, another Cairo-based gaming startup, Daily Fantasy Sports (DFS) platform Eksab has secured $500,000 from 4DX Ventures, a New York-based early-stage VC focused on African startups. “Daily Fantasy Sports and monetized competitions are a multi-billion dollar a year industry in the US,” said founder and CEO Aly Mahmoud. “Our goal is to become the premier sports entertainment company in the MEA region by offering exciting Fantasy Sports competitions as well as highly engaging local sports content.” “We’re bringing the FanDuel and DraftKings model to the world’s largest football market. Our ultimate goal is...

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