Egypt – Africa Tech Digest

YC-backed Amenli raises $2.3M to provide insurance to Egyptian consumers

5Oct

By Africa Tech DigestNo Comments

Africa, Start-ups

YC-backed Amenli raises $2.3M to provide insurance to Egyptian consumers

The average penetration rate for insurance in Africa is between 3% to 5%. South Africa makes up a large bulk of it; without it, the continent is on a 1% to 2% rate even with other developed technology and financial markets like Kenya, Nigeria and Egypt. The insurance market is still one of the industries least disrupted by technology on the continent. The reasons vary, from bad experiences and poor satisfaction on the part of consumers to high distribution costs for providers. Recently, some startups such as Lami, Ctrl and Naked have sought to take on each regional market by storm, armed with the necessary capital to scale. Y Combinator Summer 2021 graduate Amenli is taking its operations up north and is announcing a $2.3 million seed round to provide insurance services for Egyptian...

Flat6Labs closes $10M seed fund for Tunisian startups

27Sep

By Africa Tech DigestNo Comments

North Africa, Start-ups

Flat6Labs closes $10M seed fund for Tunisian startups

Regional seed and early-stage venture capital firm, Flat6Labs, has finished raising $10 million for its seed fund targeted at Tunisian startups, according to a statement released by the company. The seed fund, called Anava Seed Fund (ASF), at first sought a close of $3 million but instead closed 3.3x of the initial figure. The fund represents the increasing investments in early-stage African startups, mainly North African ones. In May, Flat6Labs completed the close of its Egypt-based fund — Flat6Labs Accelerator Company fund (FAC) at $13 million. Continue reading Image: Getty Images

Egyptian startup Capiter raises $33M to expand B2B e-commerce platform across MENA

13Sep

By Africa Tech DigestNo Comments

ecommerce, Start-ups

Egyptian startup Capiter raises $33M to expand B2B e-commerce platform across MENA

Funding startups that help manufacturers and sellers distribute products and merchants access them on a single platform keeps increasing across Africa. Today, Cairo-based B2B e-commerce startup Capiter continues that trend by raising a $33 million Series A round. The investment was co-led by Quona Capital and MSA Capital. Other participating investors include Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures. Capiter was launched in July 2020 by Mahmoud Nouh and Ahmed Nouh. Speaking with TechCrunch, CEO Mahmoud Nouh says Capiter solves problems around reach and insights for suppliers and manufacturers. Continue reading

Egyptian fintech MNT-Halan lands $120M from Apis Partners, DisrupTech and others

9Sep

By Africa Tech DigestNo Comments

Africans in Tech, Fintech, Start-ups

Egyptian fintech MNT-Halan lands $120M from Apis Partners, DisrupTech and others

More than 70% of Egypt’s young and fast-growing population of over 100 million is financially underserved, despite mobile penetration exceeding 90%. Traditional banks often overlook this segment because of their spending power or financial status, and fintechs have seized the opportunity to cater to their needs. One such fintech is MNT-Halan, and today, the company, which describes itself as “Egypt’s leading fintech ecosystem,” is announcing that it has closed a $120 million investment. The investors backing MNT-Halan include private equity firms Apis Growth Fund II, Development Partners International (DPI) and Lorax Capital Partners, as well as VCs like Middle East Venture Partners, Endeavor Catalyst and DisruptTech. Continue reading

UNESCO awards International Literacy Prizes to Innovative Projects Boosting Literacy in Covid Times

5Sep

By Africa Tech DigestNo Comments

Education, Events, Health Tech

UNESCO awards International Literacy Prizes to Innovative Projects Boosting Literacy in Covid Times

The awards will be presented during a virtual International Conference entitled “Literacy for a human-centred recovery: Narrowing the digital divide PARIS, France, September 4, 2021/APO Group/ -- UNESCO has selected six outstanding literacy programmes from Côte d’Ivoire, Egypt, Guatemala, India, Mexico and South Africa as winners of its International Literacy Prizes, awarded on the occasion of International Literacy Day (8 September). During the COVID crisis, these programmes continued to help students learn to read and write through accessible technologies. "These programmes have literally changed the lives of thousands of children, young people, women and marginalised adults. Literacy empowers individuals and it expands people’s capabilities and freedom of choice...

MaxAB extends Series A to $55M, largest ever by an Egyptian startup

25Aug

By Africa Tech DigestNo Comments

ecommerce, North Africa, Start-ups

MaxAB extends Series A to $55M, largest ever by an Egyptian startup

MaxAB, an Egyptian eCommerce platform that serves food and grocery retailers, has raised an additional $15M from existing investors bringing its total Series A funding to $55M, the largest ever by an Egyptian startup. In addition, it announced its acquisition of WaystoCap, a Morocco-based e-commerce and distribution platform that connects retailers with suppliers across Africa. Founded in 2015 by Niama El Bassunie, Mehdi Daoui, Anis Abdeddine and Aziz Jaouhari Tissafi, WaystoCap was originally a cross-border trade platform for transacting business goods in Africa. Two years later, the company got into the 2017 Y Combinator’s Winter batch, making it the first company accepted from Morocco. It subsequently raised a $3 million seed round. Continue reading

Egyptian entrepreneurs join global Endeavor network

16Mar

By Africa Tech DigestNo Comments

Apps, East Africa

Egyptian entrepreneurs join global Endeavor network

Mounir Nakhla, co-founder of Egyptian ride-hailing startup Halan, and the three co-founders of mass transit system Swvl have been chosen to join the global Endeavor network, offering access to mentorship and acceleration services. The global Endeavor initiative launched in Nigeria and Kenya last year, and has accepted a host of African entrepreneurs into its network in recent months. The organisation works to catalyse long-term economic growth by selecting, mentoring, and accelerating the best high-impact entrepreneurs worldwide. It supports entrepreneurs that have passed through the initial startup phase and demonstrate the potential for rapid expansion and scale. At its most recent International Selection Panel (ISP) in San Fra...