Egypt-based Splendapp raises Pre-SEED funding
The SaaS startup Splendapp raises Pre-SEED funding as market validation to their easy "Build Your Own App" style platform, helping people and business access the mobile application realm.
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Egypt-based SaaS startup and plug and play developers Splendapp has raised an undisclosed six-figure pre-Seed round from a cluster of Saudi angel investors.
Founded in 2020 by Mohamed Khaled and Mohamed Shahin, Splendapp offers a software-as-a-service (SaaS) platform where users can easily develop IOS and android mobile applications in only 48-hours, securing the entire mobile application development & productions process. Simply It is an engine built to be used by Non-Technical users in order to deliver amazing mobile applications with seamless user experiences in a very short period of time. The app allows its users to make the changes they want without the need for external technical assistance.
We raise the caution flags on the Early-Stage deal share of total transactions in Emerging Venture Markets as it drops to a new record low in 2021. As recorded in our State of Startup Funding- 2022 Emerging Venture Markets report, following a 3-year consecutive decrease in Early-Stage deals (<$500K), a 7PP drop in Early-stage deal share of total transactions signaled a new low, dropping below the 50% mark. Egypt however was an exemplary ecosystem, especially for Early-Stage ventures, as recorded in our 2022 Egypt Venture Investment Report. In fact, Egypt was one of the only geographies in MENA to observe a 10PP increase in Early-Stage Deal share amidst an almost 30% YoY increase in the total number of transactions closed in 2021. It is great efforts and growth capital by investors like Flat6Labs, 500 Global, SOSV, Edventures, Falak Startups as well as angel networks like AUC Angels and Alex Angels that are keeping the investor pipeline in Egypt alive and supportive of emerging ventures.
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Amid the current e-commerce boom witnessed in Egypt as well as regionally, the company looks to address the demands of small retailers and facilitate their transition to the digital realm. Currently, the company focuses on developing e-commerce apps as Splendapp is designed to be easily integrated with e-commerce platforms such as Shopify, Woocommerce, Wix, Magento, and others. Over the past period, Splendapp helped their clients across three countries to build their mobile applications. The company plans to use the newly acquired funding in expanding into the GCC market in the next six months. "Besides expansion, this round will enable us to invest heavily in our product and team. I am excited about what’s ahead,” Co-founder Mohamed Khaled concluded.
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