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Egyptian life science startup Nawah Scientific announced the the closing a second pre-series A round of $1 million in mixed equity and debt capital, raising its total funding to $2 million, maintaining its position as the most funded life science venture in MENA, with plans to close a significant Series A round later in 2021.
This announcement comes shortly after Nawah has celebrated inaugurating its new hub of labs, which was described as “The biggest private multidisciplinary research hub in Egypt”, and almost a year after winning the 2nd position in the prestigious competition, Africa Business Heroes by Ali Baba’s founder, Jack Ma.
Nawah Scientific raises $1 million in pre-Series A
Egypt-based life science startup Nawah Scientific, has raised $1 million in a mix of equity and debt in its second pre-Series A round led by Egypt Ventures, with participation from Alexandria Fund (AF), Cairo Angels, Alex Angels, HULT Alumni Angels along with international angel investors.
This round brings the startup’s total funding to date to $2 million, making it the most funded life science venture in the Middle East and North Africa (Mena). Nawah now plans to close its Series A round later in 2021.
The latest investment came on the heels of Nawah’s launch of its new hub of labs, described as “the biggest private multidisciplinary research hub in Egypt”. Previously in 2019, Nawah also won second place and an award of $15,000 at the first edition of Jack Ma s Africa Netpreneur Prize.