Disruptech’s final USD 25 mn close due next week + Bosta enters KSA
Fintech fund DisrupTech Ventures is expecting to reach the USD 25 mn final close of its fund next week, Managing Partner Mohamed Okasha told Enterprise, confirming a report from Al Mal. The fund has already locked in substantial unrealized gains on initial investments it has already made, he said.
DisrupTech is looking to invest 30% of the fund in eight companies during 2022, Okasha tells us. Some 25% of the fund was already deployed previously in seven startups, namely Brimore, Khazna, Fatura, Cassbana, MNT-Halan, Mozare3, and Gahez. Earlier this month, Disruptech led a pre-seed investment round in Mumerz.
Fintech startup Nexta is preparing to launch after raising USD 2.2 mn in pre-seed investment, the company said in a press release. The funding round was led by DisrupTech and featured participation from undisclosed international investors The company said the funding will allow it to debut its payment services, having already met the Central Bank of Egypt’s regulations. The funds will allow Nexta “to launch its much anticipated digital banking solutions, as well as support its effort in expanding its market and continuing its strategic partnerships,” Distruptech’s Okasha said.
About Nexta: Founded by Ibrahim Farag and Ahmed Hisham in 2021, Nexta is a payments company whose Visa cards “will aggregate the users’ existing payment cards, allow for easy and reliable money transfer, and a multitude of other features to come,” the company said.
Bosta has entered its first market outside Egypt: Logistics startup Bosta has opened an office in Riyadh, marking its official launch in Saudi Arabia and its first expansion outside of Egypt, the company announced in a statement (pdf).
The launch coincides with the closing of an undisclosed pre-Series B round led by Khwarizmi Ventures and Hassan Allam Holding, the company said.
More expansions to come? The Saudi office launch is part of Bosta’s expansion plans across the Middle East and “it will be followed by another launch in the region by the end of this year,” said co-founder and CEO Mohamed Ezzat. Bosta has plans to expand into the UAE as well, Ezzat had said last year, adding that the company is looking to enter seven new markets in the next five years, including Kuwait and several African countries.