Back to the complete issue
Wednesday, 6 December 2017

Elves closes USD 2 mn round, Abraaj launches Bakery and more at Riseup

Elves closes USD 2 mn seed round, Abraaj launches Bakery and more at Riseup: A number of very interesting news came out of the Riseup Summit this year. First off, Egypt’s Elves App, an app that connects people with personal assistants, closed a seed round of more than USD 2 mn, according to Wamda which called it the largest seed round in the region’s history. Investors included Emaar Industries & Investments, the Dubai Angels, the Kauffman Fellows Syndicate and several other venture capital firms from the region and the US.

Abraaj gets into the startup game: EM private equity giant Abraaj announced the launch of Bakery, a growth market early-stage investment platform that provides entrepreneurs with access to Abraaj’s platform of global resources and local support, Forbes Middle East reports.

Separately, education-focused venture capital firm EdVentures launched a fund with publishing firm Nahdat Misr which will focus entirely on education startups and U.S.-based online education provider Udacity will partner with AUC to offer a program on data science and mobile development.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.