Back to the complete issue
Thursday, 16 December 2021

AIM Technologies closes Sequence Ventures-led seed round

AIM Technologies closes Sequence Ventures-led seed round: Cairo-based AIM Technologies has raised an undisclosed amount during a seed round led by local VC firm Sequence Ventures, according to a joint statement (pdf) out yesterday.

This is the first investment in Sequence’s Egypt Deep-Tech fund, which was launched earlier this quarter to channel investment into startups operating in health-tech, fintech, ed-tech, prop-tech, logistics, and software development.

Sequence expects to reach first close in January, raising up to EGP 150 mn, a representative from the firm told us yesterday. It eventually hopes to receive EGP 500 mn in commitments by its final close. A number of other investments in the pipeline will be announced early next year, they added.

“Our mandate is to support young home-grown talent who are developing a solution to some of our own chronic issues as well as new challenges that are stalling our economic growth and our human capital,” said Sequence head Karim Helal.

About AIM Technologies: Founded in 2018, the company is an AI customer experience platform that provides a “multilingual text analytics solution with the world’s highest accuracy in Arabic language,” along with the first automated end-to-end customer research tool.


VC firm Innoventures is looking to deploy EGP 30 mn into local startups during 2022, Al Mal reports, quoting partner Rafik Dalala. The investments will happen through the firm’s first VC investment fund, established in 2019 and will be distributed across 20 companies, with the average investment size ranging between EGP 1 mn – EGP 2 mn. Innoventures is an Egypt-based VC firm that has invested in early stage startups across a range of industries.

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.