Legaltech platform Hekouky raises pre-seed funding round by Nama Ventures

EGYPT – Hekouky, the Legaltech platform that incorporates companies and registers trademarks for entrepreneurs and business owners, has announced that it has raised an undisclosed amount in a pre-seed funding round by ​Nama Ventures. Nama Ventures is a Riyadh, Saudi Arabia-based pre-seed venture capital fund focused on backing startups innovation in the MENA region. Hekouky was founded by three co-founders with diverse backgrounds and experiences:  Hala Riad, Mayy Abdelbary and Fatima Khalil. Mayy Abdelbary is the former CTO of Paynas, with 15 years of experience, 9 of which were in…

Read More

Ecommerce platform Jumia partners fintech vaIU to provide new online payment channels

EGYPT – Jumia, an e-commerce platform, JumiaPay the fintech electronic payments platform, and valU the Buy-Now Pay-Later (BNPL) fintech platform in the Middle East and North Africa, have signed agreements to enable valU to become a payment solution via Jumia and JumiaPay. The partnership allows JumiaPay as a payment gateway to manage the payment operations of valU consumers by linking valU and JumiaPay for electronic payment services. The deal will commence with an offer that clients will benefit from while shopping and paying in instalments over 9 months interest-free through…

Read More

FinTech startup Hollydesk raises US$325k pre-seed funding to expand its services and solutions

EGYPT – Hollydesk, a financial technology startup based in Cairo, has raised US$325,000 in a pre-seed funding round led by the angel investor Faisal Abdel Salam in participation with other investors. The funding will help Hollydesk to scale and pursue further the horizontal expansion of its offerings. The startup further intends to expand its services and solutions in new markets in the region. “We seek to use the new funding to develop technologies for our solutions, assign new competencies within the team, and launch other services that will be announced…

Read More

EFG Hermes Holding acquires controlling stake in Arab Investment Bank

EGYPT – EFG Hermes Holding, an Egypt-based investment bank, has finalized its acquisition of a 51% stake in the Arab Investment Bank (aiBANK), marking a strategic entry into the fast-growing and solid Egyptian commercial banking sector. The transaction will see EFG Hermes Holding assume control of aiBANK, with TSFE Financial Services & Fintech Subfund, a subfund fully owned by the Sovereign Fund of Egypt, EFG Hermes Holding’s valued partner, acquiring a 25% stake. “The closing of this landmark transaction with our esteemed partner TSFE will drive the transformation of our…

Read More

Fintech startup KIWE closes first investment round to drive up its growth

EGYPT – KIWE, an Egyptian fintech startup, has closed its first investment round, to drive the startup’s growth by utilising the offerings of its investors. The round was led by dfin Holding with participation from EFG Hermes, Marakez for Development, and a group of angel investors. The investment will be used “We are strong believers of empowering freelancers and business owners by helping them identify their targets, level up their customer experience and accept online and offline payments,” part of a statement by the company said. “Our vision is for…

Read More

Mobility assistance startup BlinkApp raises pre-Seed round to finance expansion plans

EGYPT – BlinkApp, the Cairo-based mobility risk assistance startup, has raised a six-figure pre-Seed round, led by investors located in UAE and KSA, to finance its ambitious expansion plans BlinkApp aspires to have its technology installed on smartphones with the main vision of achieving better general driving behaviour, faster roadside assistance and safer roads for everyone. Wael Noufal, the co-founder and CEO of BlinkApp, said the real edge of BlinkApp is that it’s a full platform that can work as stand-alone or integrate with other apps. Not only that but…

Read More

Career 180 secures US$200K from VC EdVentures to establishing new employment platform

EGYPT – EdVentures, a corporate venture capital (VC), has announced a US$200,000 investment in Career 180, a centralized and comprehensive career advising platform. The investment was done with the goal of establishing a new employment platform and merging it with the Freelance Yard to create an integrated platform that provides adolescents with employment and qualifying services across all job types. “We aim to create a comprehensive online platform that qualifies youth to the job market and facilitates their hiring at multinational, local companies and startups, through offering hundreds of online…

Read More

EduTech platform Tyro acquires Egyptian social startup Nafham

EGYPT – Tyro, an EduTech platform connecting students with qualified instructors through one-to-one and group sessions, is acquiring Nafham, an Egyptian social startup that offers free crowdsourced educational content, under a share-swap agreement. The agreement entails Tyro’s leadership taking over Nafham’s management and operations to enhance the customer experience of Nafham’s six million users. “Both companies joining forces will technically make us the largest Edutech platform in the MENA region providing both, live online tutoring as well as recorded educational video content,” said Mokhtar Osman, Tyro CEO. “It is crucial…

Read More

AD Ports signs MoU with Egypt for new terminal in Safaga Port

EGYPT – AD Ports Group has signed a Memorandum of Understanding (MoU) with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian ministry of transportation, for the development and operation of a multipurpose terminal in Safaga Port. Under the MoU, AD Ports Group will explore investment opportunities and conduct feasibility and local market studies related to developing and operating a multipurpose terminal in Safaga Port, with both parties benefitting from the exchange of expertise and best practices. The MoU aims to support the growth of the Middle…

Read More

20 minutes delivery startup Rabbit closes US$11m pre-seed funding

EGYPT – Rabbit, a clean-tech transportation company, has announced that they have closed a new round of pre-seed funding of US$11 million, a record high for the Middle East & Africa regions. The round saw participation from the international investor base include Global Founders Capital, Foundation Ventures, Raed Ventures, MSA Capital, and Goodwater Capital. Ahmad Yousry, Walid Shabana, Ismail Hafez, and Tarek El Geresy founded Rabbit this year and it took them just 130 days to get from ideation to first order. “Consumer expectations have evolved significantly over the past…

Read More