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The Next Wave: Cairo's calling techcabal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from techcabal.com Daily Mail and Mail on Sunday newspapers.
What is driving Egypt s current startup boom? Image courtesy of Shutterstock It comes at a time when deal flow and investment in the country is rising. In the first quarter of this year, 34 Egyptian startups raised $22 million, double the amount raised by 24 startups in the fourth quarter of 2020. These two new funds are likely to further invigorate the ecosystem by providing much-needed investment for the country s startups. “We are super excited about the growth of the entrepreneurship space in Egypt,” says Karim Hussein, managing partner at Algebra Ventures. “We ve made 21 investments out of the initial fund and we re seeing remarkable growth with some of our more portfolio businesses reaching significant market caps and significant recurring revenues. As we see today, in our pipeline of entrepreneurs and opportunities, we realised that we need to double down more on more similar opportunities.” ....
SEC’S new rules will affect investment-tech platforms Nigeria’s Securities and Exchange Commission (SEC) has made new rules which will affect Nigeria’s investment-tech platform. In the last couple of years, platforms that allow Nigerians to buy stocks on stock exchanges in America have become popular. They partner with companies like Drivewealth, a cloud-based, API-driven brokerage infrastructure that handles the trading on their behalf. Yet, in December 2020, there was some sign of regulator trouble when the SEC barred an investment-tech platform, Chaka. It ordered Chaka to stop advertising to the public and said their activities were outside the commission’s regulatory purview. ....
The Brief: Structural reform agenda, North African tech innovation, Reinventure's catalytic capital, battery tech, Jamie Dimon's wish list impactalpha.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from impactalpha.com Daily Mail and Mail on Sunday newspapers.
Egypt’s Paymob closes $18.5M Series A to expand payments services across MENA While Nigeria and Kenya have been at the forefront of African fintech innovation, activities in Egypt are beginning to shape up nicely. Right now, Egypt is home to a burgeoning fintech startup ecosystem, and today, one of its biggest players, Paymob announced that it has completed an $18.5 million Series A round. In July 2020, Paymob raised $3.5 million as its first tranche of Series A investment. An additional $15 million was raised from the same investors led by Dubai-based VC firm Global Ventures. Other investors include Egyptian investment fund A15 and Dutch development bank FMO. ....