Egypt | CEO Business Africa

Fintech startup Blnk raises US$23M in funding to accelerate financial inclusion in Egypt

November 11, 2022November 11, 2022

EGYPT – Blnk, a fintech startup that enables instant consumer credit in Egypt, has raised US$23.7 million in equity and debt funding, and US$8.3 million in securitized bond issuance to accelerate financial inclusion within underserved communities across the country. The funds will support further development of Blnk’s Artificial Intelligence-powered lending infrastructure and the financing of the company’s fast-growing portfolio of customers. …

Egyptian dark butcher startup Brotinni raises seed funding round to grow business

November 11, 2022November 11, 2022

EGYPT – Brotinni, an Egyptian foodtech and dark butcher startup bringing innovation to the meat industry, has raised US$600,000 in a seed funding round led by Innlife investments. Founded by Dalia Abou Omar, Brotinni offers a platform to order hand-cut, farm-sourced and vacuum-sealed fresh meat and poultry cuts. Its offerings also include flash-frozen and ready-to-cook products and provides delivery services…

Fintech startup MoneyFellows closes US$31m Series B funding round to accelerate its growth

November 7, 2022November 7, 2022

EGYPT – Egyptian fintech startup MoneyFellows has announced the first close of its Series B round funding with a US$31 million investment to help it accelerate its growth and move into new markets. The startup raised a US$4 million Series A round back in 2020, and the US$31 million first close of its Series B was led by CommerzVentures, Middle…

Ecommerce platform Sharwa completes US$2m pre-seed investment to build its platform

November 7, 2022November 7, 2022

EGYPT – Sharwa, a social ecommerce platform, has announced the completion of a US$2 million pre-seed investment round to further build the technological platform and expand the team. Nuwa Capital and Hambro Perks Oryx Fund co-led the round, joined by many key angel investors. Founded in 2022 by Alaa Shalaby, Hassan Elshourbagi and Mohamed Hanafy, Sharwa offers customers low prices…

Real estate firm Seqoon secures US$500k pre-seed round to expand in Egypt

October 26, 2022October 26, 2022

EGYPT – Seqoon, an Egyptian real estate co-ownership firm, has secured US$500,000 in a pre-seed round from Banque Misr’s pilot initiative to encourage creative entrepreneurs. Several renowned angel investors also participated in the round. Seqoon is using this funding to expand its staff and has already opened its first co-ownership location in El Gouna. “I can’t describe the energy we…

Solar energy company KarmSolar secures US$2.39m funding for its battery storage system

October 24, 2022October 24, 2022

EGYPT – KarmSolar, a leading solar energy company and multi-utility enterprise in Egypt, has secured EGP47 million (US$2.39m) in funding for the first financed solar Power Purchase Agreement (PPA) battery storage system in Egypt. The funding was from Qatar National Bank ALAHLI (QNB ALAHLI) with an advisory led by Ezdaher Financial Advisory, an Egypt-based debt advisory firm. This is part…

Fintech startup Moneyhash launches its services in Africa

October 22, 2022October 22, 2022

EGYPT – MoneyHash, Egyptian fintech startup, has launched its services across Africa after a successful launch in the MENA region earlier this year. The startup announced a US$3 million pre-seed funding round in February as it emerged from beta, and has now expanded across Africa. MoneyHash has now rolled out its product in Sub-Saharan Africa, starting with Nigeria, Kenya and…

valU acquires minority stake in fintech company Kiwe to accelerate its growth

October 21, 2022October 21, 2022

EGYPT – valU, an Egypt-based Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, has announced the purchase of a minority share in local fintech company Kiwe, the first social payment app in Egypt that allows onboarding of the unbanked group. EFG Hermes Finance, EFG EV Fintech, dfin Holding, and Marakez are among the company’s current shareholders. The acquisition of a minority share…

B2B e-commerce platform MaxAB completes US$40m pre-series B equity transaction

October 21, 2022October 21, 2022

NORTH AFRICA – MaxAB, a food and grocery B2B e-commerce and distribution platform that serves a network of traditional merchants in Egypt and Morocco, has announced the completion of a US$40 million pre-series B equity transaction to drive its development across the MENAP area. Silver Lake, the global leader in technology investing, through its Long Term Capital strategy; British International…

E-commerce platform Kenzz secures US$3.5m to expand its business

October 19, 2022October 19, 2022

EGYPT – Kenzz, an e-commerce platform bringing shopping to the masses in Egypt and the Middle East, has announced a US$3.5 million seed round to expand its product categories, broaden the product categories on its platform, acquire people, and invest in technology when it releases its app. Outliers Venture Capital, a MENA-focused venture capital firm located in the United States,…