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Thursday, 22 September 2022

Local fintech investment startup Exits raises USD 1 mn in pre-seed round

Local fintech investment platform Exits has raised USD 1 mn in a pre-seed round from its UK-based investment arm of the same name, as well as Baseeta Investments Holding and Mawelni Holding, the startup said in a press release (pdf). Exits will use the capital to help it switch from its current beta website to a bigger platform, co-founder Ahella El Saban (LinkedIn) told Enterprise.

British investment arm? UK-based Exits “is a company that has been created in the UK to house our Egyptian angel investors all in one place and it will only invest in,” company co-founder Mohamed Aboulnaga told us. It’s also unclear who is behind Baseeta and Mawelni: We were unable to find any record of these companies online.

About Exits: Founded earlier this year by El Saban, Aboulnaga (LinkedIn), and Ayman El Tanbouly (LinkedIn), the company offers investment banking and M&A services for startups and SMEs across MENA, both through its online investment marketplace and offline. Aboulnaga also this year launched Cairo-based M&A advisory outfit Pie Consulting, which acquired Exits for an undisclosed sum in April.

What they said: “Startups and SMEs are severely overlooked when it comes to investment banking services from traditional investment banking entities, who offer either a too high retainer for them to afford or they don’t look at them because of their small size,” El Saban said. “We want Exits to be the go-to investment marketplace in MENA for any type of investment and for anyone that wants to invest regardless of their background.”

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