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Egypt-based Tech startup and gamified recycling platform Plstka has successfully raised an undisclosed amount in its latest funding round. The SEED round was backed by Alexandria Angels Network with a matching fund from Hivos.
Founded in 2021 by Ahmed ElNagar with Co-Partner Mahmoud Youssef, Plstka is a rewarding app that helps customers get the best benefits from their solid waste with a B2B-IoT Supply chain system for waste management. Plstka app is used to exchange solid trash by discounts and coupon vouchers in various life services such as F&B, medical services, and transportation.
As most recently observed in our November 2021 Venture Investment Dashboard, the fact that Egypt remained the top geography to close the highest number of deals in 2021 YTD yet still raise total capital in close proximity to the third most-funded geography KSA alludes to Egypt’s solid Early-stage activity. By October 2021, Early-Stage rounds (<$500K) in Egypt consisted of more than 50% of total deals closed throughout the year, a very remarkable feat compared to its peer markets, where Early-stage rounds in KSA consisted 26% while the UAE Early-Stage deals accounted for a mere 18%. It could be an intricacy to the geography, where small yet smart investments go a long way in Egypt, or the presence of Early-Stage backers like Flat6Labs, Alexandria Angles Network, AUC Angles, and SOSV amongst Egypt’s VC ecosystem that’s really pulling the Early-Stage tide. This year, Egypt-based emerging venture closing exciting Early-Stage rounds traversing all industries including SME expense management platform Hollydesk, English language EdTech platform OTO English, Blockchain-encrypted communication platform provider Pravica, and even F&B school meal supplier The Deli Llamas.
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Through the platform, customers can also buy any product at a lower than market price. Plstka app provides a new in-game experience called Plstka Profitable Competition which makes users compete with each other to raise more awareness about the environment. Ahmad ElNagar, founder and CEO of Plstka said, "We aim to acquire 1500 tons of Delta Market in Waste industry which represents $3M of the market size and covers 100K+ households to make them get best benefits from their trash and also save the environment.”
The SEED fund will allow the Egypt-based startup to further support its platform and new feature rollouts, as well as expand its outreach into new markets. AlexAngels' angel investor Dr. Khalid Al Tawil concluded “Waste management industry has become a necessity and important part of our growing global economy. The world is shifting to green energy and waste management and Plstka is targeting a blue ocean market in Egypt’s Delta where there is a huge potential for the waste management industry to grow and expand locally and globally”
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