Back to the complete issue
Sunday, 13 March 2022

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.

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.