Egyptian startups dominated the African funding scenes last week. Three of the four announced funding deals involved companies operating in Egypt. Sahl, a payment solutions provider had the biggest haul, securing $6 million in a combined seed and Series A funding round. Pharma supply chain startup, i’Supply also secured $2.5 million, while media startup, The Potcast Production had an undisclosed funding round. Elsewhere, Renew Capital also invested in the Pan-African beauty company, Zuri.
Funding
Sahl
Funding round: Seed and Series A ($6 Million )
Investors: Ayady Egypt, Egypt Pay, Delta Electronic Systems, and e-finance
Founded: 2020, Egypt
Founders: Ahmed Othman, Ibrahim Assal, and Abdullah Assal
Products: Sahl operates a payment solutions platform designed to simplify household bill settlement. The company’s digital infrastructure enables users to recharge prepaid cards easily and handle their day-to-day finances.
What Next?: The company will leverage the newly acquired funds to refine and develop new solutions. It intends to prioritize providing a frictionless, secure, and time-saving user experience while improving its offerings across the board. In addition, the company plans to expand its reach and strengthen its positions across Egypt.
The Potcast Productions
Funding round: Pre-Seed
Investors: Innovative Media Productions (IMP), Ahmed Tarek Khalil
Founded: 2020, Egypt
Founders: Islam Adel
Products: TPP is a podcast production startup that runs multiple content programs tailored to various audience demographics. The company’s offerings are aimed at exposing content creators to larger audiences to maximize their reach and profit.
What Next?: The company will leverage the funds to enhance its content production capabilities, scale its marketing campaigns and accelerate the development of new, high-quality podcast series.
i’Supply
Funding round: Pre-Series A ($2.5 Million)
Investors: Disruptech Ventures, OneStop Capital, Axian Investment CVC and Egypt Ventures,
Founded: 2022, Egypt
Founders: Ibrahim Emam, Moustafa Zaki, Ramzy Mohamed
Products: i’Supply is a pharmaceutical distribution solutions provider leveraging digital technology to improve the pharmaceutical supply chain in Egypt. The company operates an integrated marketplace designed to connect pharma businesses, retailers, and suppliers, helping them to overcome supply chain disruptions.
What Next?: The new capital will enable the company to further its expansion efforts and scale its credit financing product for small to medium-sized pharmacies as well as enhance its overall fintech services.
Zuri
Funding round: Undisclosed
Investors: Renew Capital.
Founded: 2016, DRC
Founders: Gisèla Van Houcke
Products: Zuri is a tech-enabled beauty brand that promotes African-made high-end beauty products. The company operates a tech-enabled beauty platform that offers various solutions including an ecommerce platform, educational resources, and promotional services to connect Africans with several beauty solutions.
What Next?: The company is currently leveraging its innovative business model to tap into markets in Europe and other continents. Fuelled by the funding, the company will also further its efforts to transform Africa’s beauty industry.
Opportunities
ADEIN Innovation Challenge for Healthtech Innovators in Africa
KPMG Private Enterprise Tech Innovator Competition 2024
Mastercard, data.org Artificial Intelligence to Accelerate Inclusion Challengehttps://data.org/initiatives/challenges/artificial-intelligence-to-accelerate-inclusion-challenge/
