Egypt Sprints, a prominent player in the Egyptian tech startup scene, recently secured a significant milestone by raising $3 million in a bridge round funding. This investment not only highlights the potential of Egypt Sprints but also underscores the importance of financial backing for startups in the thriving Egyptian tech ecosystem.
Egypt Sprints: Company Profile
Egypt Sprints is a dynamic tech company that offers innovative solutions in the digital space, catering to a diverse range of clients and industries. With a focus on cutting-edge technology and customer-centric services, Egypt Sprints has established itself as a key player in the Egyptian market, serving a growing base of customers.
Bridge Round Funding Details
The $3 million raised in the bridge round funding will provide Egypt Sprints with the necessary capital to fuel its growth initiatives, product development, and market expansion strategies. Lead investors, along with other participants in the funding round, have shown confidence in Egypt Sprints' potential and vision for the future.
Utilization of Funds
Egypt Sprints plans to utilize the funding to enhance its product offerings, invest in technology infrastructure, and expand its market reach both locally and internationally. The investment will enable Egypt Sprints to pursue strategic initiatives, strengthen its competitive position, and capitalize on emerging opportunities in the tech sector.
Impact of the Funding
The infusion of capital will accelerate Egypt Sprints' growth trajectory, allowing the company to scale its operations, enter new markets, and innovate its product portfolio. The funding will play a pivotal role in driving Egypt Sprints' expansion plans, increasing its market share, and solidifying its position as a leading tech innovator in Egypt.
Investor Insights
Investors backing Egypt Sprints bring valuable insights and expertise to the table, supporting the company's vision and growth objectives. Their confidence in Egypt Sprints' business model, team capabilities, and market potential underscores the promising outlook for the company and the tech startup landscape in Egypt.
Tech Startup Ecosystem in Egypt
Egypt boasts a vibrant tech startup ecosystem, characterized by a burgeoning community of entrepreneurs, investors, and innovators. With a supportive regulatory environment, access to talent, and growing market demand for tech solutions, Egypt offers a fertile ground for startups like Egypt Sprints to thrive and make a significant impact.
Innovation and Differentiation
Egypt Sprints differentiates itself through a focus on innovation, quality, and customer satisfaction. By leveraging cutting-edge technology, industry expertise, and a customer-centric approach, Egypt Sprints sets itself apart in a competitive market, delivering value-added solutions that meet the evolving needs of its clients.
Market Expansion Strategies
To expand its market reach, Egypt Sprints will leverage strategic partnerships, targeted marketing campaigns, and customer acquisition tactics. By identifying new opportunities, tailoring its offerings to specific market segments, and building a strong brand presence, Egypt Sprints aims to capture a larger share of the market and drive sustainable growth.
Product Development and Enhancement
Continuous product development and feature enhancements are key priorities for Egypt Sprints to stay ahead of the curve and meet customer expectations. By incorporating user feedback, market insights, and industry trends into its product roadmap, Egypt Sprints ensures that its solutions remain relevant, competitive, and aligned with market demands.
Customer Acquisition and Retention
Customer acquisition strategies will focus on building brand awareness, generating leads, and converting prospects into loyal customers. Retention tactics, such as personalized services, ongoing support, and customer engagement initiatives, will be implemented to foster long-term relationships, drive customer loyalty, and maximize customer lifetime value.
Scaling Operations
As Egypt Sprints scales its operations, the company will prioritize operational efficiency, team expansion, and infrastructure development. By streamlining processes, optimizing resources, and investing in talent and technology, Egypt Sprints aims to enhance its capabilities, deliver superior services, and support its growth objectives effectively.
Industry Impact and Disruption
Egypt Sprints' innovative solutions and market presence have the potential to disrupt the industry, drive technological advancements, and contribute to the growth of the Egyptian economy. By fostering innovation, creating employment opportunities, and delivering value to clients, Egypt Sprints plays a pivotal role in shaping the tech landscape and driving industry progress.
Future Growth Prospects
Looking ahead, Egypt Sprints is well-positioned for continued growth, market expansion, and industry leadership. With a strong foundation, strategic vision, and investor support, Egypt Sprints is poised to capitalize on emerging opportunities, navigate challenges, and achieve sustainable growth in the dynamic tech sector.
In conclusion, the $3 million bridge round funding secured by Egypt Sprints marks a significant milestone for the company and the Egyptian tech ecosystem. By leveraging the investment, pursuing strategic initiatives, and staying true to its commitment to innovation and excellence, Egypt Sprints is poised to achieve new heights of success, drive industry impact, and contribute to the advancement of the tech startup landscape in Egypt.
US-based Egyptian fintech MoneyHash has raised a $4.5 million Seed funding round, co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund (DFDF), VentureFriends, and angel investors.
Founded in late 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Sekar, MoneyHash is a payment orchestration that offers a comprehensive payment operating system as a service to address the various technological and product challenges faced by enterprise merchants.
In 2022, MoneyHash raised a $3 million pre-seed round.
The new funds will be used to expand the business team and growth capabilities while maintaining technological progress.
Press release:
We are thrilled to announce that MoneyHash, the first and leading payment orchestration platform in the Middle East and Africa (MEA), has successfully raised $4.5 million in a seed funding round. The round was co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund, VentureFriends, and a group of strategic investors and operators.
Despite the significant slowdown in market activity, this investment illustrates the market’s confidence in MoneyHash and its potential for continued growth and market leadership. MoneyHash's proprietary payment orchestration platform and end-to-end payment operating system have garnered acclaim for their innovative approach to streamlining payment processes, making it the top choice for businesses seeking efficient and scalable payment infrastructure. This funding will enable MoneyHash to further invest in its technology and expand its business growth initiatives across the region.
Addressing Challenges in The MEA Payments Landscape
The payment landscape in the MEA is highly fragmented. Each country has tens of payment providers and methods, developing payment regulations, limited economic integration with other markets, and a diverse set of customer preferences and market dynamics.
The complexity of the ecosystem is compounded by the region's susceptibility to payment fraud, low checkout conversion rates, and increased transaction failures. "COVID certainly boosted the adoption of digital payments in the region, but the infrastructure remains significantly underdeveloped. In MEA, payment failure rates are three times the global average, and fraud rates and cart abandonment are over 20% higher than in all other regions. This places merchants in a challenging position, viewing payments as a cost and risk center rather than a strategic enabler," says Nader Abdelrazik, co-founder and CEO of MoneyHash.
Abdelrazik adds, "However, the opportunity is enormous. MEA's trillions of dollars in payments are still less than 10% digital, suggesting the region will experience the most growth over the next decade. Merchants who navigate the complex payment ecosystem effectively will reap significant benefits. This is where MoneyHash steps in."
Empowering MEA With a Full Suite of Payment Capabilities
MoneyHash offers a comprehensive payment operating system as a service to address the various technological and product challenges faced by enterprise merchants. Elena Panchenko, the Chief Product Officer of MoneyHash, emphasizes, “Payment challenges are intertwined. Rather than merchants juggling between solutions and in-house fixes, we offer a versatile suite to address current and future challenges simultaneously.”
MoneyHash's product includes a unified API to integrate pay-in and pay-out rails, a fully customizable checkout experience, transaction routing capabilities with fraud and failure rate optimizers, and a centralised transaction reporting hub. This is complemented by tools enabling various use cases, such as virtual wallets, subscription management, and payment links.
Elena adds, “An integrated set of solutions is essential for enterprise merchants to address challenges comprehensively and explore opportunities freely. The infrastructure is powered by over 200 pre-integrated APIs with payment service providers and payment methods across 80+ markets. This not only offers merchants maximum flexibility and coverage but also helps us gain the trust of our customers, knowing that all scenarios and implementations fall within our expertise.”
MoneyHash products promise a 10-20% increase in revenue generation and a 90% decrease in development costs.
MoneyHash Progress & Future Plans
MoneyHash was established in early 2021 by Nader Abdelrazik and Mustafa Eid, two Egyptian technologists with extensive backgrounds in fintech and enterprise software. After a successful BETA launch in 2022, which attracted key players in the region such as Foodics, Rain, and Tamatem, MoneyHash launched its enterprise suite last October, targeting large enterprises.
In 2023, MoneyHash doubled its network of integrations, achieved triple revenue, and grew its processing volume by 30x. It also landed large enterprise customers shortly after its October launch.
Amir Farha, Managing Partner at COTU, stated, “We firmly believe that the full potential of digital payments in MEA is yet to be realized. MoneyHash has developed a sophisticated and high-quality platform that can catalyze the growth of digital payments across the region, enabling both global and local merchants to tap into new revenue streams.
We are thrilled to renew our support for a team that has consistently demonstrated superior execution, not just in securing top mid-market and enterprise customers, but also in expanding value across the entire chain, even under challenging market conditions.”
Asher Siddiqui, General Partner at Sukna Ventures, expressed, “In the rapid digital transformation of the region, part of Sukna’s fundamental thesis is to back exceptional teams that are pioneering transformative infrastructures in specialized sectors. The team at MoneyHash embodies this vision, consisting of skilled payment operators who have leveraged their expertise to establish a competitive edge, prioritizing engineering precision above all else. Their product, refined with precision and supported by a stellar team, is exceptionally well-positioned to lead the market and define the future of digital payments in the region.”
This round marks the first Middle Eastern investment by Tom Preston-Werner, GitHub's founder and early Stripe investor, highlighting his belief in MoneyHash's product quality and its ability to solve critical customer issues. MoneyHash announced his participation in an earlier press release.
MoneyHash, headquartered in NYC with 30 team members across 9 countries globally, previously raised a $3 million pre-seed round in 2021. The new funds will primarily be used to expand the business team and growth capabilities while maintaining technological progress.
Source: Wamda
MENA Startups Navigate a Cautious Start, Securing $86.5 Million in January Funding
03 Mar 2024 Written by Admin AdminThe MENA startup ecosystem witnessed a cautious yet promising start in January 2024, with startups securing a total of $86.5 million in funding across 33 deals. While this marked a 34% decrease year-on-year, it serves as a bellwether for the year's funding activity, offering insights into the region's entrepreneurial landscape and investment trends.
Regional Funding Breakdown
UAE: Reclaimed Position as Regional Leader
The United Arab Emirates (UAE) emerged as the regional leader, with its startups collectively securing an impressive $47 million in funding. Notably, the largest funding round of the month, a substantial $35 million pre-seed investment in the travel tech disruptor, Tumodo, underscored the region's confidence in the potential of the travel sector.
Egypt: Encouraging Signs of Recovery
Egypt showcased encouraging signs of recovery, raising $23 million across seven deals. This positive trend represents a significant improvement from the previous month and signals a potential return to form for the nation's entrepreneurial scene.
Saudi Arabia: Consistent Activity and Funding
Saudi Arabia maintained its consistent activity, with 15 startups securing a combined $11 million. While not leading the pack in funding, Saudi Arabia continues to demonstrate a stable and promising startup environment.
Other Countries: Diverse Funding Landscape
The funding distribution extended beyond the top three countries, highlighting the diverse landscape of the MENA region. Countries such as Qatar, Morocco, Iraq, Oman, Lebanon, and Tunisia also witnessed funding activity, showcasing the breadth and potential of the region's entrepreneurial spirit.
Sector Analysis
Fintech: Slight Slowdown in Funding
While fintech remains the region's most active sector, it experienced a slight slowdown in January, with five startups raising $12 million. Despite the dip, fintech continues to play a crucial role in the MENA startup ecosystem.
Travel Tech: Impressive Performance and Potential
Travel tech unexpectedly emerged as the top-performing sector, propelled by Tumodo's significant funding round, totaling $40.6 million. This investment highlights the sector's potential for post-pandemic recovery and investor confidence.
Healthcare: Promising Growth and Investor Interest
The healthcare sector exhibited promising growth, with two startups securing $11 million. This indicates growing investor interest in addressing critical healthcare challenges within the region.
Mobility: Attracting Investment and Opportunities
The mobility sector also saw three startups raise over $5 million, signaling opportunities and investor confidence in addressing transportation and mobility needs.
Startup Funding Distribution
Early-stage and seed-stage startups continued to attract substantial funding, garnering a combined $53 million. This highlights the region's commitment to nurturing its entrepreneurial ecosystem and fostering innovation. Additionally, B2B startups raised over $57 million across 14 deals, while B2C startups secured $28 million across 18 deals.
However, the gender disparity in investment remains a concern, with only one female-founded startup managing to secure funding. This underscores the need for continued efforts to promote diversity and inclusion within the MENA startup landscape.
MENA Startup Funding Distribution
UAE: Regional Powerhouse
The UAE established itself as the undisputed leader, securing a staggering $47 million in funding. This dominant position underscores the strength and maturity of the UAE's startup ecosystem, attracting significant investor confidence.
Egypt: Emerging Phoenix
Egypt showcased encouraging signs of revival, raising $23 million across seven deals. This positive shift marks a significant improvement and signals a potential return to form for the nation's entrepreneurial scene.
Saudi Arabia: Steady Progress
Saudi Arabia maintained its consistent activity with 15 startups securing a combined $10.7 million. While not leading the pack this time, Saudi Arabia continues to demonstrate a stable and promising startup environment.
Beyond the Big Three: Funding Distribution in Other Countries
The funding distribution extends beyond the top three, highlighting the diverse landscape of the MENA region. Qatar, Morocco, Iraq, Oman, Lebanon, and Tunisia all witnessed funding activity, showcasing the breadth and potential of the region's entrepreneurial spirit.
Nurturing the Future
Early-stage startups, encompassing both Pre-Seed and Seed funding rounds, received the highest share, attracting a combined $52 million. This signifies a strong emphasis on fostering and supporting the next generation of innovative ventures within the region. Following closely behind were Pre-Series A and Series A funding rounds, collectively securing $20 million, demonstrating continued support for established startups poised for further growth. Finally, the "Other" category, encompassing various funding stages and types, received $17.8 million, further emphasizing the diverse nature of the investment landscape.
Sector Spotlight
Travel & Tourism unexpectedly emerged as the top sector, grabbing a surprising $40.6 million, largely driven by the massive pre-seed round secured by Tumodo. This significant investment highlights the potential and investor confidence in the sector's post-pandemic recovery. Fintech, the region's traditionally dominant sector, maintained its relevance with $12 million distributed across five deals, solidifying its continued importance within the MENA startup ecosystem. Meanwhile, the healthcare and mobility sectors also displayed promising growth, attracting $11 million and $5 million respectively, indicating growing investor interest in these critical areas.
The comprehensive analysis of the MENA startup funding landscape reveals a dynamic and multifaceted ecosystem. The region boasts a prominent leader in the UAE, an emerging force in Egypt, and consistent activity across numerous other countries. The funding distribution across stages and sectors unveils a strategic focus on nurturing early-stage ventures, supporting established startups, and exploring new avenues of innovation. As the region continues to evolve, this diverse and promising ecosystem holds immense potential for future growth and groundbreaking advancements.
المنظمة العالمية لحماية حقوق الملكية الفكرية تفتح باب التقدم للفوز بإحدى جوائز الويبو العالمية لعام 2024
01 Mar 2024 Written by Admin Adminبيان صادر عن المنظمة العالمية لحماية حقوق الملكية الفكرية:
يسعدنا أن نعلن عن الدعوة للمشاركة في جوائز الويبو العالمية لعام 2024، التي تفتتح من 15 كانون الثاني / يناير ولغاية 31 اذار/ مارس 2024.
وترحّب المسابقة هذا العام بالشركات الناشئة إلى جانب الشركات الصغيرة والمتوسطة من جميع أنحاء العالم، والتي تنشط في جميع قطاعات الاقتصاد - سواء في التكنولوجيا أو الزراعة أو الصناعات الإبداعية أو غيرها. ونرحب بالطلبات التي تستخدم جميع أشكال الملكية الفكرية، من حق المؤلف والعلامات التجارية والبراءات والمؤشرات الجغرافية.
ونموذج الطلب متاح باللغات الإنكليزية والفرنسية والإسبانية والعربية والصينية والروسية واليابانية.
وستختار لجنة تحكيم مستقلة مجموعة تصل إلى سبعة فائزين. وسيتلقى كل منهم دعوة لحضور حفل توزيع الجوائز خلال الجمعية العامة للويبو في شهر يوليو في جنيف.
وسيحصل كل فائز وفائزة أيضاً على برنامج توجيهي خاص وموجّه نحو تعزيز استخدام الملكية الفكرية، والسعي وراء أهداف تجارية جديدة، والنفاذ إلى الموارد المالية، وإحداث تأثير أكبر.
لمزيد من المعلومات، يرجى زيارة موقع جوائز الويبو العالمية: https://www.wipo.int/global-awards/ar/how-to-apply.html
-انتهى-
عن الويبو:
الويبو هي منظمة دولية تابعة للأمم المتحدة تهدف إلى تنظيم حقوق الملكية الفكرية على مستوى العالم. تأسست عام 1970، بعد انعقاد مؤتمرات مهمة مثل مؤتمر باريس للملكية الصناعية (1883) ومؤتمر حماية المصنفات الأدبية والفنية (1886).
معلومات إضافية:
- الموقع الرسمي : https://www.wipo.int/portal/ar/index.html
- تاريخ تأسيس الويبو: 1970
- المقر الرئيسي: جنيف، سويسرا
- عدد الدول الأعضاء: 193 دولة
The meeting discussed the efforts to prepare the cooperation programme between Egypt and Switzerland for 2025-2028
Rania A. Al-Mashat, the Minister of International Cooperation and Egypt’s Governor at the Swiss Agency for Development and Cooperation, met with Patricia Danzi, the Director General of the Swiss Agency for Development and Cooperation, and Maya Tesavi, the Head of the Middle East and North Africa Department at the Swiss Ministry of Foreign Affairs, today. The meeting was attended by Yvonne Baumann, the Swiss Ambassador to Egypt, and officials from the Swiss Embassy and the Ministries of Foreign Affairs and International Cooperation.
The meeting discussed the efforts to prepare the cooperation programme between Egypt and Switzerland for 2025-2028, which will follow the current Swiss cooperation programme from 2021-2024, covering governance, human rights, green growth, youth skills development, protection issues, and migration.
Al-Mashat emphasized the importance of the Egyptian-Swiss economic cooperation relations and the Egyptian government’s keenness to strengthen this partnership and expand it to serve the national development agenda and the implementation of development priorities in various fields.
She also reviewed the cooperation with the institutions of the Team Europe Initiative from 2020-2023 and the preparation for the future period of joint work, referring to the comprehensive report on the Egyptian development cooperation relations under the title “Egypt & Team Europe: A Shared Development Vision for Progress and Prosperity.”
She added that Egyptian-European relations are developing within a framework of integration and partnership that meets the development requirements following the national development priorities and determinants.
She explained that the projects within the NWFE programme, a nexus of water, food and energy projects, achieve many goals, such as advancing towards comprehensive development in various parts of Egypt, diversifying between mitigation and adaptation projects to cope with climate change, implementing water desalination projects, supporting the capabilities of small farmers to adapt to climate change, increasing agricultural crop productivity and farmers’ incomes through the use of modern technology and clean energy, and benefiting from innovative financing tools to mobilize investments worth $14.7bn.
Patricia Danzi, the Director General of the Swiss Agency for Development and Cooperation, stated, “In November 2023, Switzerland disbursed an additional $102m in response to the humanitarian crisis in the Gaza Strip and the region, which will address basic humanitarian needs such as water, food and medical care.”
Source: Zawya
Saudi Arabia, Egypt and the UAE led the way for regional investments
03 Feb 2024 Written by Admin AdminThe Middle East and North Africa region saw sizable startup activity from its top three regional ecosystems of Saudi Arabia, UAE, and Egypt as January came to end.
The Kingdom led this weeks’ movement with two startups raising significant funding sums. Saudi Arabia’s peer-to-peer car rental platform Ejaro secured SR12.3 million ($3.27 million) in a pre-series A funding round spearheaded by the Riyadh-based insurance company Tawuniya and several angel investors.
This fresh influx of capital is earmarked for bolstering Ejaro’s development and expansion strategies.
Founded in 2019 by Mohammed Khashoggi, the company provides car-sharing services to enable individuals to generate additional sources of income.
“Completing this funding round alongside our strategic partnerships reflects our commitment to innovation and meeting the needs of our customers. We are not only working to change the concept of car sharing in the Kingdom but also striving to be leaders in the insurance sector through cooperation with Tawuniya, Najm, and Absher, a pivotal step towards supporting economic growth and innovation in line with Saudi Vision 2030,” Khashoggi said.
Fahad bin Maamar, CEO of Investments at Tawuniya, underscored their confidence in Ejaro’s innovative approach to car-sharing, viewing it as a crucial partner in transforming the mobility landscape across the Gulf Cooperation Council region.
The platform claims to have facilitated over 25,000 days of trips, indicating a growing demand for its services. Moreover, it has enabled more than 100 hosts to collectively earn over SR2.5 million in less than two years, showcasing the tangible benefits and impact of its innovative car-sharing and rental solutions.
Saudi edtech startup iStoria secures $1.3m in funding
Saudi Arabia’s educational technology sector continues to garner investor interest as iStoria secured SR5 million in a seed funding round.
This investment in the app, which specializes in English language learning, involved multiple regional players, including Saudi Arabia’s venture capital firms Nama Ventures and BIM Ventures, US-based edtech Classera, Egypt-based Flat6Labs, and various angel investors.
The investment will enable the enhancement of the app’s features and aid in expanding its global footprint.
Founded by Abdullah Al-Jaberi in 2022, iStoria has quickly gained a substantial user base, surpassing 1 million learners globally.
The company’s approach to English language education focuses on vocabulary building through reading stories at various levels, with comprehension questions and vocabulary tests.
This method prepares learners for global language tests and offers a continually updated and enriching learning experience. The company also achieved a satisfaction rate of 4.6 out of five in the app store. Its recent growth has been bolstered by expanding its services to organizations, including contracts with numerous private and public schools, where it has been integrated into educational curriculums, allowing for direct supervision.
“We are pleased with the conclusion of this investment round. Through this funding, we will continue to pursue our goal of enabling individuals to communicate effectively and confidently in English,” Al-Jaberi said.
He added: “We are optimistic and look forward to the next phase of the application’s growth and the impact we can create, primarily through offering services to organizations and expanding worldwide.”
The company also raised an undisclosed pre-seed funding round from Nama Ventures in 2022 to bolster its operations.
The edtech sector has emerged as one of the top five most-funded sectors in Saudi Arabia. In 2023, the industry saw a total of $50 million raised by Saudi-based startups, a 6 percent growth from the year before. Furthermore, in 2022, the sector witnessed substantial growth, surging by 2,069 percent compared to the previous year.
Egypt’s Roboost raises $3m to boost expansion
Egypt’s artificial intelligence-driven logistics startup, Roboost, completed a $3 million investment round led by Silicon Badia, with contributions from RZM Investment, Flat6Labs, and Saudi Angel Investors.
Founded in 2018 by Mohamed Gessraha, Hassan Gessraha and Mohamed Sadek, Roboost provides AI-powered delivery solutions in Egypt, Saudi Arabia, Kuwait, Morocco, and Tunisia.
The company aims to utilize its capital to further boost its regional presence with a new phase of expansion. The company currently serves leading brands such as McDonald’s Egypt and Kuwait, Buffalo Burger, El Ezaby Pharmacies, and Jumlaty.
Employing proprietary machine learning algorithms, Roboost’s innovation includes pre-delivery technology that enables precision auto-dispatching and smart routes for delivery personnel, optimizing the process for the substantial portion of orders placed offline.
The platform’s suite of tools also features real-time dynamic fleet payroll, and comprehensive customer insights through heat maps and analytics, all aimed at enhancing customer satisfaction. Additionally, Roboost’s AI fleet control offers advanced fraud detection capabilities.
The company claims to provide operational efficiency to its clients with a network of over 15,000 delivery drivers, serving nearly 10 million unique customers, and automating more than 40 million orders. The company says its solutions have doubled delivery speeds by reducing inefficiencies and achieved task automation rates of 99.8 percent.
Furthermore, Roboost has succeeded in decreasing order returns by over 80 percent and operational costs by 30 percent, while also improving average driver productivity by 40 percent and maintaining fraud levels below 5 percent.
UAE’s Plant & Equipment acquires Global Equipment Trading
UAE-based construction technology company Plant & Equipment has announced the acquisition of Global Equipment Trading for an undisclosed amount.
Established in 2018 by Saleh Kuba and Zayd Kuba, Plant & Equipment operates as a marketplace in the construction equipment and machinery sector, facilitating connections between buyers and sellers.
This strategic acquisition is set to bolster Plant & Equipment’s expansion efforts across the region.
The integration with Global Equipment Trading is expected to enhance the company’s service offerings and market reach, aligning with its growth objectives in the construction equipment industry.
Source: Arab News
Revolutionizing the Pharmaceutical Industry: Yodawy's Innovative Approach
20 Jan 2024 Written by Admin AdminIn today's fast-paced world, the pharmaceutical industry is constantly evolving to meet the growing demands of consumers. Yodawy, a leading player in the pharmaceutical technology sector, has been making waves with its innovative approach to revolutionizing the way people access and purchase medication. In this article, we will delve into the unique features and benefits of Yodawy's platform, and explore how it is reshaping the landscape of the pharmaceutical industry.
Understanding Yodawy's Vision
Yodawy's vision is centered around providing a seamless and convenient experience for both patients and pharmacies. By leveraging cutting-edge technology, Yodawy has created a platform that connects patients with nearby pharmacies, allowing them to easily order and receive their medications. This not only streamlines the process of obtaining essential medication but also ensures timely access to healthcare products.
The Power of Digital Transformation
Yodawy's platform harnesses the power of digital transformation to simplify the entire pharmaceutical journey. Through the use of intuitive mobile applications and user-friendly interfaces, Yodawy has successfully bridged the gap between patients and pharmacies. This digital approach not only enhances accessibility but also promotes transparency and efficiency within the pharmaceutical supply chain.
Enhancing Patient Experience
One of the key advantages of Yodawy's platform is its focus on enhancing the overall patient experience. By offering a wide range of medications and healthcare products, Yodawy ensures that patients have access to a diverse selection of options. Moreover, the platform provides valuable information about medications, empowering patients to make informed decisions about their healthcare needs.
Empowering Pharmacies
Yodawy's impact extends beyond the realm of patient care, as it also empowers pharmacies to optimize their operations. Through Yodawy's platform, pharmacies can efficiently manage inventory, process orders, and engage with a broader customer base. This not only drives business growth but also fosters stronger connections between pharmacies and the communities they serve.
The Future of Healthcare Accessibility
As the healthcare landscape continues to evolve, Yodawy stands at the forefront of driving accessibility and convenience in the pharmaceutical industry. By embracing innovation and leveraging technology, Yodawy is paving the way for a future where accessing essential medications is simpler, faster, and more efficient.
In conclusion, Yodawy's innovative approach to pharmaceutical technology is reshaping the industry by prioritizing accessibility, transparency, and efficiency. As the demand for seamless healthcare solutions continues to rise, Yodawy's platform is poised to lead the way in transforming the pharmaceutical experience for patients and pharmacies alike.
Egypt-based healthtech Almouneer has raised a $3.6 million Seed round, led by Global Ventures, Proparco and Digital Africa through the Bridge Fund (FRA), Wrightwood Investments (UK) - and other international funds.
Founded in 2017 by Noha Khater and Rania Kadry, Almouneer is a digital transformation platform to serve patients with chronic diseases.
Proceeds to further develop DRU - Almouneer’s patient-centric platform - treating pre-diabetes, diabetes and obesity.
Press release:
Almouneer, the leading digital transformation platform revolutionising healthcare for patients and doctors across the Middle East and Africa (MEA), announces its seed round fundraise of US$3.6 million.
The seed round was led by Dubai-based Global Ventures, with participation from other renowned international investors: Proparco and Digital Africa, through the Bridge Fund, Wrightwood Investments - the family office of Diane & Henry Engelhardt (UK) - and other leading international funds.
The fundraise follows rapid growth for Almouneer as it serves over 120,000 patients, with business volumes having doubled in the last year and its leadership team boosted with several key hires.
The proceeds will primarily support the development and expansion of DRU - MEA's first patient-centric, digitally-enabled lifestyle and diabetes management platform. DRU aids in the prevention and management of diabetes, pre-diabetes, and obesity - and will serve millions in Egypt and MEA. The scalable platform uses cutting-edge patient and doctor-facing applications and an extensive provider network.
Proceeds will enhance DRU’s state-of-the-art technology further and grow its wider provider ecosystem (doctors / health coaches / labs / nutritionists). Almouneer will also build MEA’s first online, patient-customized treatment plans. DRU currently connects to Continuous Glucose Monitors and other glucometers and will soon enable connection to wearables such as smart watches.
2024 is set to be a year of important milestones. In Q1, Almouneer will launch its DRU app for doctors - connecting healthcare providers with millions of patients. The company’s strategy is to expand regionally and internationally - with market entries to Saudi Arabia, the U.A.E., and African countries including Nigeria and Kenya - anticipated by next year.
The MEA region has very high levels of obesity and prediabetes - affecting over 40% of its population - making Almouneer and DRU’s mission to empower patients and healthcare professionals more critical than ever. Egypt has 15 million diabetics alone (20% of adults) with KSA having 7 million (30% of adults). Adding those suffering from pre-diabetes and obesity makes the problem even more endemic yet is largely preventable by lifestyle management and monitoring.
Noha Khater, co-founder and CEO of Almouneer, said: “We are very excited to be announcing this round—an important achievement and milestone in our journey.
Over the past year, we managed to grow our team and successfully build DRU. This round will now catapult us into the next phase of our business, helping us grow our team and talent further, invest in our technology, and broaden DRU’s provider network—inching us even closer to our vision.
And as we do, we’d like to extend our deepest gratitude to our investors—Noor Sweid and Said Murad from Global Ventures, Henry Engelhardt of Wrightwood Investments, and Proparco—for their belief in us and in our mission. We also wouldn’t be here today had it not been for the unwavering support and championing of Cartier Women’s Initiative, INSEAD, Endeavor and our friends at Alliance Law Firm."
Noor Sweid, Founder and Managing Partner of Global Ventures, commented: “We are thrilled to welcome Almouneer to the Global Ventures portfolio and lead the company's seed round.
Over the years, we have had the privilege of working with a stellar group of healthcare entrepreneurs who are materially improving the lives of patients worldwide, enhancing access, quality and cost of care. Noha and Rania are now part of this group. We are excited to work alongside them as they leverage their specialized expertise across business-building and chronic care to tackle a prevalent health issue across the Middle East and Africa.
On its mission to become the lifelong companion of diabetic patients in the region, Almouneer is a unique and necessary innovation.”
Henry Engelhardt, of Wrightwood Investments, commented: "The work Almouneer does is truly valuable to the ever-growing diabetic community in Egypt and beyond.
Noha Khater and Rania Kadry, its two leaders, are truly exceptional, talented people, driven to make a positive difference to so many people’s lives. Wrightwood Investments [the family office of Diane & Henry Engelhardt] is proud to be an investor and part of the Almouneer family.”
Fabrice Perez, Head of VC Division at Proparco, said: “Almouneer is dedicated to fostering innovation and industry disruption through its array of digital services for patients and clinic networks. This objective strongly aligns with the goals of both Proparco and Digital Africa.”
Babacar Seck, CEO of Digital Africa, commented: “Digital Africa welcomes Almouneer to the Bridge Fund portfolio with great enthusiasm, as we are investing in a strategic, high-impact sector. We are delighted to contribute to Noha and her teams, and behind them all the patients for who Almouneer simplifies life.”
Source: Wamda
Fla6labs announces awards up to $100,000 in funding for contechs in Egypt
17 Aug 2023 Written by Admin AdminMakers, the construction technology (contech) accelerator launched by Flat6Labs in partnership with SIAC and Dar Al-Handasah (Shair and Partners), has announced that it will award the selected startups up to $100,000 each.
The programme will also grant access to pilot projects, industry experts, mentorship, business training, one-on-one consultations, coaching sessions, networking opportunities, and essential resources to cultivate and scale their businesses.
The programme will initially focus on Egyptian entrepreneurs, before expanding to Saudi Arabia and subsequently to the wider Mena region.
Press release:
Flat6Labs, the region's leading seed and early-stage venture capital firm, has launched the "Makers" ConTech Accelerator Program in partnership with SIAC and Dar Al-Handasah (Shair and Partners).
The program is the first-ever construction-focused accelerator program in the Middle East that aims to support advanced startups in the construction technology industry.
The "Makers" ConTech Accelerator Program will provide select startups with up to $100,000 in funding per startup as well as grant access to pilot projects, industry experts, mentorship, business training, one-on-one consultations, coaching sessions, networking opportunities, and essential resources to cultivate and scale their businesses.
The program will last 12 weeks, startups will be chosen based on their unique new technology, hardworking founders, and exceptionally promising products, presented at a minimum viable product (MVP) level or higher.
The launch of the new program follows Makers’ first pre-accelerator program, which ran in early 2023 and which aimed to promote construction industry innovation through connecting and engaging with various industry stakeholders with extensive expertise, thereby creating sustainable innovation ecosystems for resolving construction-related challenges within SIAC, Dar, and the industry at large.
The pre-accelerator program graduated nine of the most innovative ConTech startups in Egypt – including Reblox, Tawredaat, AION Innovation, Masafa, HomeLab, A.D Innovations, Makinahub, and JEEZAR.
During the pre-accelerator, these startups were offered strategic mentorship, entrepreneurship-focused business training, one-on-one sessions with subject matter experts, as well as other benefits that would empower them to develop and present their innovative ideas and solutions.
With the launch of the new accelerator program, Flat6Labs intends to provide ongoing support to construction technology startups. The program will initially focus on Egyptian entrepreneurs, before expanding to the Kingdom of Saudi Arabia and subsequently to the wider MENA region.
Commenting on the new Makers Accelerator Program, Faysal Shair, Head of Digital Solutions at Dar, said, “We are thrilled to continue our exceptional collaboration with SIAC and Flat6Labs to accelerate the transformation of the construction industry.
We believe that the program will promote innovation in the construction industry and foster talents in construction tech, empowering them to showcase their innovative solutions and work alongside industry leaders to bring those solutions to the market. We are looking forward to seeing what the selected startups will bring to the table."
"We are proud to be a part of the journey towards digitising the construction industry and unlocking more opportunities and potential for ConTech startups in Egypt," stated Seif Ragab, Deputy CEO at SIAC. “
The digital revolution of the construction industry is becoming more crucial than ever and we are excited to capitalise on this momentum and make major leaps. We are confident that the expansion of this program would essentially help the growth and development of the region's constructing industry."
"We are excited to announce the launch of an accelerator program in collaboration with SIAC and Dar Al-Handasah, with the hope that it will serve as a conduit for the development of cutting-edge innovation while driving growth and opportunities for promising startups," said Yehia Houry, Chief Programs Officer at Flat6Labs.
"We are proud of the success of the pre-accelerator program, and we believe that Makers will have a significant impact on the construction industry in Egypt, and eventually across the Middle East."
Compared to other sectors like fintech, the construction industry typically moves at a slower pace when it comes to embracing innovation or digitalisation.
The Makers program strives to equip construction entrepreneurs with the necessary support in order to provide innovative solutions and fresh technologies that optimise and automate construction industry processes, making them more efficient and sustainable while propelling the sector forward.
Source: Wamda
Logistics startup Trella raises $3.5 million from Avanz Capital Egypt
12 Jun 2023 Written by Admin AdminEgypt’s marketplace for trucks, Trella, has raised $3.5 million from newly-launched private equity fund Avanz Capital Egypt.
The Avanz Capital fund, launched in 2022, is a subsidiary of Squared Capital International, and manages a couple of funds, one focuses on investing in startups and SMEs and the other is aimed at supporting low-carbon projects.
Trella was founded in 2018 by Omar Hagrass, Ali El Atrash, Pierre Saad and Muhammad El Garem. It connects shippers with trucks in real time.
Besides Egypt, it says it also has operations in Saudi Arabia and Pakistan.
Last year, Trella also secured $6 million in debt funding from ALMA Sustainable Finance (ALMA) and the US International Development Finance Corporation (DFC).
Avanz Capital Egypt, a subsidiary of I Squared Capital International, is making significant strides in expanding its investment portfolio with a multi-faceted approach. The company has recently announced its support for the logistics startup, Trella, alongside the launch of two new funds and a commitment to investing in existing funds and companies.
Avanz Capital Egypt has strategically invested approximately $3.5 million in Trella, a promising logistics startup operating in the field of logistics services. This investment not only demonstrates Avanz Capital Egypt’s confidence in Trella’s potential but also establishes the company as a key player in the flourishing logistics sector. With this partnership, Avanz Capital Egypt aims to leverage Trella’s innovative solutions and contribute to the growth and success of the logistics industry.
In addition to backing Trella, Avanz Capital Egypt is launching two new funds, further diversifying its investment portfolio. The first fund focuses on supporting small and medium enterprises (SMEs), aiming to provide much-needed capital and resources to fuel their growth. By nurturing these enterprises, Avanz Capital Egypt aims to contribute to the overall development and expansion of the Egyptian market. The first closing of Avanz Manara Fund in March collected financial obligations of approximately 905 million pounds, with about 25% of the amount already paid.
The second fund sets its sights on low-carbon projects, intending to issue “carbon credits” under the name “EGYCOP.” With an initial target of raising one billion pounds, this fund emphasizes Avanz Capital Egypt’s commitment to sustainable investments and the transition to a greener economy. By capitalizing on opportunities in the low-carbon sector, Avanz Capital Egypt seeks to drive positive environmental impact while generating attractive returns for investors.
Beyond the launch of new funds, Avanz Capital Egypt is actively exploring opportunities to invest in existing funds and companies. The company aims to identify potential investments that align with its strategic objectives and have the potential for growth and value creation. Avanz Capital Egypt’s investment strategy encompasses various sectors, including healthcare, logistics, green economy, renewable energy, and defense, among others.
Avanz Capital’s parent company, “I Squared Global Capital,” manages assets worth over $13 billion in 130 companies worldwide. The company targets investments in funds and companies in startup and emerging markets, with a particular focus on Africa, Latin America, and Asia.
Through its backing of Trella, launch of new funds, and investment in existing funds and companies, the firm showcases its comprehensive approach to investment. By diversifying its portfolio across different sectors and supporting both emerging and established enterprises, Avanz Capital Egypt seeks to generate attractive returns while contributing to the overall economic development of Egypt.
As the firm expands its investment activities, the company aims to make a positive impact on the Egyptian market and position itself as a trusted partner for businesses seeking growth and investment opportunities. With its dynamic approach and strategic investments, Avanz Capital Egypt continues to play a vital role in driving innovation, entrepreneurship, and sustainable economic growth in Egypt and beyond.
Source: Wamda
