Back to the complete issue
Thursday, 2 December 2021

Raseedi raises USD 850k pre-series A investment + Bexel closes USD six-figure round

Fintech startup Raseedi raised USD 850k in pre-series A funding from Africa-focused Japanese VC firm Samurai Incubate, an undisclosed European investor and existing investors including 500 Global, Falak Startups and EFG-EV, Wamda reports. The company had previously raised USD 400k in seed funding in 2019.

About Raseedi: The telecom app launched in 2018 to help dual SIM card users optimize their spending by automatically detecting which card will make the cheaper call. The app expanded to providing advance credit and digital bill payment services, offering Egypt’s unbanked with digital access to credit.

Cairo-based inspection management software Bexel closed a USD six-figure investment round led by JH Investments, the startup announced (pdf). It also received follow-on funding from Flat6Labs, UI Investments and Saudi Angel Investors.

About Bexel: Launched back in 2019, the startup provides a SaaS digital cloud-based inspection management software targeted at companies in the energy, oil and gas and construction industries. The platform digitalizes team inspections, enabling companies to more easily track inspections and lowering costs while significantly speeding up the process.

Looking ahead: The software has been used in 14 countries and the company will use proceeds from the round to expand into Saudi Arabia and other GCC countries.


Saudi fintech firm eyes Egypt: Riyadh-based fintech startup Lamaa plans to expand into Egypt, UAE and Qatar after securing a USD 5.5 mn seed round led by Raed Ventures and Saudi Aramco’s entrepreneurship arm, Wa’ed, according to a company statement. Launched earlier this year in March, the startup provides invoice financing solutions for SMEs with the aim to create more efficient working capital management for suppliers and following its funding it will expand into B2B buy-now-pay-later services.

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. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender 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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.