Newly established Egypt focused Fintech Fund, Disruptech, makes its first two investments in leading start-ups: Khazna and Brimore
Disruptech is managed by Mohamed Okasha, Co- Founder of Egypt’s leading Fintech company, Fawry, and leading finance guru Malek Sultan.
Khazna was Founded last year by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah. Khazna is a mobile financial services platform aiming to serve over 20 million unbanked Egyptians who are active smartphone users with limited access to formal financial services. The company’s first product is Khazna HR, a salary cash advance app that allows employers to offer a cash advance to their employees as a benefit, helping them to cover unforeseen emergencies. Khazna has already signed with a number of corporations with over 70,000 employees.
Lead investors in Khazna also include Accion Venture Lab and Algebra Ventures. Khazna’s co-founder and CEO, Omar Saleh said, “We are happy to have Disruptech as an investor and long-term partner in Khazna. Disruptech is an industry specialized fund that will bring significant value to the company.”
Brimore was founded in 2017 by Mohamed Abdulaziz and Ahmed Sheikha. Brimore manufacturers/suppliers to have nationwide coverage through a network of individual sales is an impact driven enterprise that built a distribution technology platform that enables local agents– mainly females – selling products directly to consumers in their circles using Mobile apps and other channels. Brimore closed 2019 with 10x YoY growth and is now approaching 500k USD monthly GMV.
Brimore has received investments from Algebra Ventures, 500 Startups, Endure Capital, and Flat6Labs.
Abdulaziz, co-founder and CEO of Brimore said: “We have been very selective with our choice of investors. Disruptech is a partner that will be adding great value and supporting the company with the experience its management team has, specifically in financial services and social impact.”
Mohamed Okasha, Disruptech’s Managing Partner, stated that they are “pleased to start investments in Egypt with two startups that have demonstrated clear long term potential for growth: smart founders with strong execution capabilities who are disrupting traditional markets with easy to use technology and scalable business models. We look forward to adding value to these companies and to being a part of their growth journeys. At a time when many are concerned about that impact that COVID-19 will have on the startup-community, Disruptech feels confident that companies aiming to disrupt financial services will come out on the winning end.”
Are you a startup looking for investment? Apply for funding to 70+ investors now.