EGYPT – Cairo-based Tays, a professional network platform that lets users to connect based on business interests, said it has raised a seven-figure pre-seed funding round from a group of angel investors.
Tays didn’t disclose the names of the investors or the quantum of funding. Some of the angel investors chose to join Tays’ executive board.
Among these board members are the Business Development Manager at Google Ireland, the CEO of Remax Middle East, the Founder and CEO of O7 Therapy, and the facility and Procurement Director at El Ahly Capital.
However, it said it raised a seven-figure sum. This means the funding was over EGP1 million (US$63,790), or US$64,000, and under US$640,000. Pre-seed rounds in the country usually range in the US$100,000-US$350,000 bracket, though in exceptional cases have gone up as high as US$5 million.
“The ongoing pandemic has highlighted how difficult it is to create meaningful professional connections.”Sherif Bacheet – CEO, Tays
“The ongoing pandemic has highlighted how difficult it is to create meaningful professional connections,” Sherif Bacheet, Tays’ CEO said.
The company uses a machine-learning algorithm to matchmake individuals based on their professional interests and aspirations. It was started last year by Bacheet and Fady Yonathan, the chief product officer.
Bacheet completed a course in applied science from Heidelberg University and had a short stint at a financial consultancy in the German city before returning to Egypt to join Yonathan.
Yonathan studied in Canada and spent three years at Egyptian electrical products firm Electro George before founding Tays.
Tays joins a list of over two dozen startups in the country that have raised venture capital this year and about half a dozen pre-seed rounds in Egypt since January, according to data compiled by The Capital Quest.