Alex Angels Newsletter - February 2019


Alex Angels First Member Luncheon

Alex Angels was delighted to kick start 2019 by conducting the first  member luncheon on Saturday 23rd of Feb at Byblos restaurant, Four Seasons Hotel Alexandria.

We were able to review and discuss the Q4 2018 Pitches with our valuable members, share the due diligence we performed on startups, announce the deals we negotiated, and will soon come to a final investment decisions. In addition, we shared with our members our 2019 vision and plans as a network.

Alex Angels New Members On Board

We are delighted to welcome two new members on board.




Financial Reports

The 2018 Global CVC Report

A comprehensive, data-driven look at global corporate venture capital activity in 2018.2018 CVC funding increased approximately 47% over 2017 and deals increased 32% over the same period. Q2’18 saw a record 757 CVC deals and $14.1B in funding. Download Report

The 2018 MENA Venture Investment Report

In case you missed this in our last newsletter!
The report highlights strong growth with a record number of transactions and an increase in total funding across MENA-based startups, up 31% from 2017... Download Report

How Egypt became the fastest-growing nation for start-ups in Mena

For the inaugural Wamda X fellowship programme in Dubai, 600 applicants were whittled down to 27 hopeful start-ups to present their business ideas, go through interviews and answer case study questions over a couple of days before eight finalists were selected. Read more


Cairo-based online grocery startup GoodsMart secures additional investment from Algebra Ventures

Cairo-based online grocery startup GoodsMart has raised additional funding from Algebra Ventures, ahead of its upcoming Series B round, the startup announced today. Algebra had previously invested $750,000 in Series A round of the startup in May 2017. Read more

Trella, trucking marketplace, raises $600k+ in pre-seed round led by Algebra Ventures

 Trella​, the trucking marketplace that connects shippers with carriers, announced that it has raised $600k+ in a pre-seed funding round led by ​Algebra Ventures​, with participation from strategic investors, global VCs, and notable angel investors including Esther Dyson and Jambu Palaniappan. Read more

GoodsMart, online grocery service, secures Bridge round from Algebra Ventures

GoodsMart, the household shopping app that has transformed the shopping experience using unattended delivery, has announced that it has secured additional funding from Algebra Ventures, Egypt’s leading venture capital fund, ahead of its upcoming Series B round. Read more

KarmSolar Inks $90 Million Deal To Power Egypt’s Cairo3A Poultry

Egypt-based solar energy firm, KarmSolar, has signed a $90 million solar distribution contract with Cairo3A Poultry, a subsidiary of Cairo3A Group, to power its farm with solar energy.This is one of KarmSolar’s biggest signed agreements and has doubled its subsidiary, KarmPower's, pipeline of projects. Read more


Dubai-based property website’s parent company raises $100 million Series D

Dubai-based property website’s parent company Emerging Markets Property Group (EMPG), also headquartered in Dubai, has raised $100 million Series D, the company announced today. The round was led by a US-based family investment fund KCK Group and eight other investors including Exor Seeds, an investment fund associated with Exor – one of Europe’s leading diversified holding companies with a capitalization of about $24 billion.Read more

Tunisian doctor booking platform Med.Tn raises over $650,000 from country’s leading insurance company

Tunisian doctor booking platform Med.Tn has raised little over $650,000 (2 million Tunisian Dinars to be precise) in funding from one of country’s leading insurance companies, Carte Groupe. Med.Tn had first announced the round in December last year and closed it last month. Read more

Dubai-founded augmented reality startup Pixelbug gets acquired by American learning platform Besomebody

Cincinnati-based learning platform Besomebody that specializes in job placement and employer services has acquired a Dubai-founded augmented reality startup Pixelbug, Besomebody announced last week, without disclosing financial details of the deal.Read more

Tunisia-founded TravelCar acquired by Groupe PSA

Tunisia-founded mobility solutions platform TravelCar, now headquartered in Europe was acquired by France-based automobile manufacturer Groupe PSA. Through this acquisition, TravelCar plans to speed up the dissemination and optimisation of its services. Read more

Saudi startup GetMuv raises $1.5 million to connect users with gyms and sports clubs

Jeddah-based fitness startup GetMuv has raised $1.5 million investment from Saudi Aramco’s venture capital arm, Wa’ed Ventures, the firm announce today. Read more

Kuwait-based online coffee marketplace ‘Cofe’ raises $3.2 million Pre-Series A

Kuwait-based Cofe has raised $3.2 million in Pre-Series A funding for its coffee-centric marketplace app, the startup announced today, adding that the investment came from different VC funds of the region and Silicon Valley. The round was led by Kuwait’s KISP Ventures with Lebanon’s Cedar Mundi, Oman’s Towell Holding International, Takamul Capital and Dividend Capital from Bahrain, and Nizar AlNusif Sons Holding and Arab Investment Company from Kuwait. Read more

Dubai-based office lunch delivery startup ‘Lunch:on’ raises $3 million Series A to expand to Saudi

Lunch:on, a Dubai-based office lunch delivery startup has raised $3 million Series A investment, Wamda reported today, adding that the first closing of the round was led by Wamda Capital, EATventure, Arzan VC, Abu Nayyan Holding, and others. Dubai Angel Investors and AlJammaz Group also joined the round, MENAbytes has learned. Read more

Beirut-based beauty ecommerce startup Feel22 raises Series A to expand to Jordan, Iraq and Syria

Lebanese beauty ecommerce startup has raised Series A funding round, the startup announced in a statement to MENAbytes last week, without disclosing the size of the investment. The investment round that was closed late last year came from Equitrust, investment arm of leading media conglomerate of the region Choueiri Group, and some other private investors. Read more

Dubai-based Mile raises seed funding for its delivery and logistics management platform

Dubai-based delivery and logistics management platform Mile has raised seed funding in a round led by Saudi VC Riyad TAQNIA Fund, the Riyadh-based VC that was founded by Riyad Capital and TAQNIA announced today without disclosing size of the investment. Read more

Kuwait’s Nalbes raises $2 million for its online fashion marketplace

Kuwait-based online fashion marketplace Nalbes has raised $2 million in its Series B round, the startup announced today. Read more

Saudi-based Golden Scent raises investment for its perfume and cosmetics ecommerce platform

Saudi perfume and cosmetics ecommerce platform Golden Scent has closed a new round of investment, the startup announced today, without disclosing the size of investment. The startup had earlier raised its Series A investment a little over a year ago in a round led by Saudi Aramco’s Wa’ed, Entrepreneur Venture and EquiTrust and joined by Wamda Capital and Raed Ventures. Golden Scent had not disclosed the size of that investment that as well. Read more

Beirut-based Speed accelerator raises an investment to further support startup in Lebanon

Beirut-based tech accelerator Speed has just raised new funding from the Central Bank of Lebanon, which they’ll be using to run its acceleration cycles for the next 3 years. Read more

Bahrain's $100m VC fund allocates $45m so far

Bahrain’s Al Waha ‘Fund of Funds’ has allocated approximately $45 million of the $100 million announced at its launch in May 2018, according to fund manager Areije Al Shakar. Read more


Two Austin-based VC Firms Are Each Raising $100M Funds

Texas startups will soon have two new sources for capital.Crunchbase News has learned that two Austin-based venture capital firms,ATX Seed Ventures and Quake Capital, are in the process of each raising $100 million funds.Read more

China’s Horizon Robotics Raises Outsized $600M Series B At $3B Valuation

Horizon Robotics, a Chinese AI semiconductor unicorn, has raised a massive $600 million Series B that takes its valuation to $3 billion, according to an announcementfrom the company.The latest round follows an October 2017, Intel Capital-led $100 million Series A. Read more

Scaleworks Raises Larger, $80M Fund II To Pursue Its ‘Venture Equity’ Model

Scaleworks, a company that deals financially with SaaS businesses, announced its second fund this week. The new capital pool, dubbed “Fund II,” totals $80 million. That’s $20 million larger than its first $60 million fund, which closed two years ago this month. Read more

Female-Led Rockets Of Awesome Raises $19.5M Series C With Foot Locker Leading The Way

Rockets of Awesome, which operates a clothing subscription service and e-commerce site for kids, is the latest recipient of funding from Foot Locker Inc. Read more

Home Depot Invests in Roadie’s $37M Series C To Help Accelerate Product Deliveries

Call it the Amazon effect. Since Amazon launched its two-day prime delivery service in 2005, retailers everywhere have clamored to get their stuff delivered faster in order to compete.Now, The Home Depot has put money into Atlanta-based startup Roadie to make sure its customers can get their orders faster. Roadie’s $37 million Series C round, announcedthis morning, also included participation from Warren Stephens and Eric Schmidt’s TomorrowVentures. Read more

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