Back to the complete issue
Sunday, 25 September 2022

Kashat lands funding from US + pan-African VC

Not all doom and gloom on Planet Startup: Kashat, the region’s first provider of nano-loans, has landed funding from both Plug & Play and Launch Africa as part of its ongoing fundraising drive. Kashat uses machine learning to underwrite credit, providing fast turnaround on productive, short-term loans.

The news comes amid increasing reports of a slowdown in venture funding for startups (see this morning’s What’s Next, below) and as the high-profile failure of Capiter, the non-bank financial services outfit, has sent chills through the community.

What they said: “We are happy to continue to back Kashat in their mission to provide easy lending to everyday Egyptians,” said Launch Africa Managing Partner Zachariah George. “We are proud to back team Kashat as they cross the 100k transaction mark. Egyptians need productive liquidity intervention — and I trust Kashat will be a relief for those in need,” Plug and Play’s Diego Arias García said. Plug and Play bills itself as one of the most active venture capitalists in Silicon Valley.

BACKGROUND- Launch Africa last backed Kashat in a private round a year ago, a couple of months before senior NCR exec Marija Zivanovic-Smith joined Kashat as an independent board member. The company operates in 24 of the nation’s 26 governorates, having expanded this past August to nine more.

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; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.