Disruptech Fund Invests in Two Egyptian Tech Startups
- Disruptech, a $25-million fintech fund, has invested in two Egyptian tech startups, Khazna and Brimore.
- Disruptech is confident that these startups will disrupt financial services.
- Although the fund did not disclose the size of the investments, it could be said that each is a six-figure dollar transaction.
Disruptech, a $25-million fintech fund, has invested in two Egyptian tech startups, Khazna and Brimore.
Online tech publication Menabytes announced in an article yesterday. Although the website said the fund did not disclose the size of the investments, it could be said that each is a six-figure dollar transaction.
Khazna was founded in April last year by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah, according to the company’s LinkedIn profile, which says the company “provides access to easy, efficient and stable mobile-based financial services”.
The LinkedIn profile of the startup says the company is led by a team of over 50 years of global experience in finance, corporate strategy and technology combined.
Khazna revealed last month that it had raised an undisclosed amount of seed funding in a round led by Algebra Ventures, and joined by Accion Venture Lab. Brimore was founded in 2017 by Mohamed Abdulaziz and Ahmed Sheikha.
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The online channel of the company allows local distributors and suppliers to provide national reach through a network of individual sales agents. Last year, the company raised $800,000 from Endure Capital, Algebra Ventures, 500 Startups and Flat6Labs in a seed round.
Although Abdulaziz refused to disclose how much Disruptec had invested in the company, he stated yesterday that the company will “within a few days,” announce the full round of investment made by Disruptech.
Menabytes quoted Mohamed Okasha, Disruptech’s managing partner, as saying that while Brimore isn’t a fintech, the startup would look at expanding into digital technology.
Mohamed Okasha, Managing Partner of Disruptech, confirming the confidence of the fund that these startups will disrupt financial services, said, “We are pleased to launch investments in Egypt with two start-ups that have demonstrated clear long-term growth potential: smart founders with strong execution capabilities who are disrupting traditional markets with easy-to-use technology and scalable business models.”
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