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Tuesday, 22 September 2020

Elves closes in on “substantial” series A funding ahead of El Gouna move

STARTUP WATCH- AI startup Elves is closing in on “substantial” series A funding as it gears up to move its HQ to El Gouna, where the entire team will be working from the Red Sea town’s G Space coworking tech hub, CEO Karim El Sahy told Enterprise. El Sahy did not specify the expected size of the funding round, nor the investors who are expected to participate. Elves raised USD 2 mn from Sawari Ventures and other unnamed investors this month, bringing its total pre-series A funding to nearly USD 5 mn. The high-profile concierge-based app has already set up shop in El Gouna at the Silicon Valley-esque G Space, according to a press release (pdf). According to El Sahy, seven employees have been relocated to G Space. Under its agreement with El Gouna, 10 developers will work out of a small office space as a first phase, before Elves moves its HQ to a seaside office and sets up 30-40 employees in its own apartment block.

Before you get too jealous of Elves’ planned work setup, take heart that most others in the business community are likely on the same boat as you: We’re talking to Cairo folk this week for a follow-up survey on who’s working from the office again, who’s still (mostly) working from their couches, and what the outlook is on the WFH vs. return-to-the-office dichotomy. Keep an eye out for the results in Thursday’s issue.

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