By Startup Scene
Without giving numbers, Cairo Angels has announced its investment in AlMaqarr, on September 4th. The deal marks the first investment by the Cairo Angels in this sector, and the third investment this year.
Operating in three locations across Egypt: Heliopolis, Downtown, and El-Gouna, AlMaqarr is now well-capitalised to expand to new locations, enhance its operations, and provide more products and services to its fast growing base of customers. "Adequate infrastructural support for entrepreneurs, startups, freelancers, creatives and SMEs remains a problem and AlMaqarr offers a cost-effective and compelling solution that addresses this area,” says Chairman of Cairo Angels Aly El Shalakany.
“We didn’t only need a financial boost, but rather a backbone; true believers who can mentor, guide, and direct," says Co-Founder and CEO of AlMaqarr Muhammad Nagi. "Cairo Angels believes in what we do and they see the potential of our business the same way we do. This is the core asset of our partnership.”
The investment is part of an angel investment round that also includes Alex Angels – the first syndicated angel investment between both angel investment networks. The Cairo Angels is Egypt's first formal network of angel investors and - just like its name suggests - is headquartered in the Egyptian Capital with operations in London covering European startup ecosystems and Dubai covering the Gulf's startup ecosystems.