Tech startup Elmawkaa raises Seed round to expand its suppliers base

EGYPT – Cairo-based construction tech startup Elmawkaa has raised a six-figure Seed round headed by Flat6labs and joined by a group of Oqal investors from Saudi Arabia.   Elmawkaa plans to use the funds to onboard 2,000 suppliers and complete 4,000 transactions worth US$2 million in gross merchandise value.  “We are not a listing or ordinary marketplace, we are digitalising and innovating the process of buying building materials through a bidding process and our matching algorithms,” Ebrahem Anwar, the co-founder and CEO of Elmawkaa said.     “Which we built with our hands that deliver accurate and competitive quotations based on our experience in engineering,…

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Life science startup Nawah Scientific offloads strategic stake to Essam Abdelhadi

EGYPT – Nawah Scientific, an Egypt-based life science startup, has sold a strategic stake to Essam Abdelhadi, the former vice president Middle East, Turkey, Africa and Pakistan (METAP) of Abbott, a US-based healthcare multinational, ahead of its upcoming Series A round.  Having concluded a US$1 million pre-Series A round earlier in the year, Nawah Scientific is now working on a Series A, and has part of that has secured backing from Abdelhadi and added him to its advisory board.   The startup recently expanded to Jordan, and is also growing its offerings to pharmaceutical companies to…

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Logistics startup ILLA raises investment round to accelerate its market growth

EGYPT – ILLA, the FMCG logistics startup, has raised a seven-figure investment round to accelerate its market growth and extend its offering within the FMCG value chain.  It intends to use the funds to expand its domestic market and improve its user experience.    Watheeq Financial Services and Golden Palm Investments co-led the round. Loftyinc Capital Management, Kepple Africa Fund, Cubit Ventures, AUC Angels, Oqal Angel Network, and FLat6Labs Cairo all participated in the round, with the latter doubling down on its investment in ILLA for the third time.  “ILLA will use the funds to fuel its expansion and growth…

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Scatec closes deal to develop 100MW Green Hydrogen plant in Egypt

EGYPT – Norwegian renewable energy company, Scatec, has entered into an agreement with Fertiglobe plc, a leading ammonia producer jointly owned by OCI N.V. and Abu Dhabi National Oil Company (ADNOC), and The Sovereign Fund of Egypt (TSFE), to jointly develop a 50-100MW green hydrogen facility as feedstock for green ammonia production. Scatec will build, operate and majority own the facility and a long-term off-take agreement will be entered into with Fertiglobe’s subsidiary EBIC. The facility will be located near EBIC in Ain Sokhna and is the first step towards developing a green…

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B2B startup Talabeyah raises pre-Seed round to scale its operation

EGYPT – Talabeyah, a Cairo-based startup that provides B2B e-commerce services for food and groceries, has raised a seven-figure pre-Seed round from strategic angel investors.   The startup, which was launched in July 2020 by Karim Nassef, Amr Abbas, Khaled Hussein, and Adel Hodroj, has leveraged its supply chain model and purchase experience by establishing a customer-centric business, due to its founders’ extensive experience in the FMCG industry.   Barakat said the round will help scale the startup’s operations, further build the technology, and leverage the use of AI and machine learning algorithms utilising the collected data…

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Globeleq acquires 66 MWp solar PV plant in Egypt

EGYPT – Africa-focused renewable energy independent power producer Globeleq, has completed the acquisition of the ARC for Renewable Energy S.A.E (ARC) 66 MWp solar PV plant located at the Benban Solar Park near Aswan, Egypt.  The ARC plant was developed by the SECI Energia, Enerray and Desert Technologies consortium as part of the second round of the Egyptian government’s feed-in-tariff program and achieved commercial operation on 4 November 2019 and provides clean electricity to the Egyptian Electricity and Transmission Company (EETC) under a 25-year power purchase agreement. The project was…

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Esports platform GBarena raises six-figure pre-Series A funding

EGYPT – The Cairo-based e-sports and tournaments platform GBarena has successfully raised six figures in its latest funding round led by key angel investors Ahmed Aboudoma, Kushal Shah, and HIM Angels VC network.  Founded in 2016 backed by Cairo’s AUC Vlab, the fast-growing esports and tournaments platform Gbarena set forth to create an online gaming community connecting gamers with tournaments organizers and providing organizers with a platform where they can manage and organize their own tournaments seamless through fully automated processes. Gbarena’s revenue-generating opportunity lies in the intricacy of its…

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Fintech Fawry invests in Sudan’s alsoug to build new fintech platform

EGYPT – Fawry, a provider of e- payments solutions and digital banking services, has announced that it has finalized an investment in alsoug.com, Sudan’s largest online classifieds platform and marketplace, to help build out alsoug’s new fintech platform, Cashi. Fawry has acquired a strategic minority stake in the alsoug.com/Cashi holding company, marking the Company’s first venture capital investment outside of its Egyptian home market. The investment comes as part of Sudan’s first announced venture capital funding round. Fawry played a leading role in ensuring the success of the US$5 million…

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Insurance company Amenli secures US$2.3m seed round to grow its company

EGYPT – Amenli, an Egypt-based startup backed by Y Combinator and the first Egyptian online insurance firm to be issued an insurance license, has raised US$2.3 million in a seed round to provide insurance services to Egyptians. The new money will be used to grow the company’s personnel, scale quickly, and attract more clients in a market that is predicted to develop at a CAGR of 7% per year over the next five years. Amenli was formed in 2020 by Adham Nauman and Shady El Tohfa to solve Egypt’s $2…

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Real estate company El Asreya Development rebrands as part of its strategic and expansion plan

EGYPT – El Asreya Developments, a leading real estate company, has been rebranded as Atric Developments, as part of its strategic and expansion plan to keep pace with developments in Egypt’s real estate market. Chairperson of Atric Developments Ashraf Naguib said in a press conference that the move comes after very detailed and accurate studies of the market. He added that the company delivered recently the Divina Gardens project, the first villa compound in Shorouk city, which was sold out and delivered a year earlier than scheduled. Naguib praised the…

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