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Wednesday, 9 December 2020

Source Beauty raises second round of 2020

Egyptian e-commerce beauty platform Source Beauty has secured a six-figure USD investment in a seed round led by Swiss investment firm Ace & Company and a number of angel investors, the company announced in a statement (pdf) yesterday. This is the second round of financing raised by the startup this year, after receiving an undisclosed investment from 500 Startups in May. The proceeds from the latest funding round will be used to expand in the local market, increase its headcount and launch new marketing campaigns.

ELSEWHERE ON PLANET STARTUP- Seven startups have won ITIDA’s latest Start IT Competition which sees tech entrepreneurs compete for the chance to have their business incubated for one year, ITIDA said in a press release (pdf). Those chosen include electronic design automation tool Analog Designer's Toolbox, graphic design digital platform DomDom, retail computer vision solution A-eye Tech, legal advice platform Avocato, e-commerce app Shoppy App, Arabic and Quran learning app Hafs Quran, and tourist storytelling app Vibes. The startups will receive a fully-funded year in an incubator as well as business consultancy services, mentorship, and software and hardware tools, among other services.

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