Money Fellows raises $31 million in first close of Series B
Summary
Invenfin, National Investment Company (NIC) and existing investors such as Partech, Sawari Ventures, 4DX and P1Ventures also participated in the round.Money Fellows is a mobile-based platform that digitises money circles or Rotating Savings and Credit Associations (ROSCAs) that are widely known as Gameya in Egypt and other Arab countries. The support we received from leading local and global venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team and the overall opportunity that lies in the Egyptian market Ahmed added.During the meeting, Dr. Amr Talaat reviewed the efforts exerted by the Ministry of Communications and Information Technology (MCIT) to maintain Egypts distinguished position in the entrepreneurship and startup sectors, where the country enjoys a leading position in terms of annual deals within startups operating in the ICT sector, and comes second in volume of investments across the MENA region. The strategy includes the establishment of Digital Egypt Innovation Centers, through which training is provided to startups, in addition to providing business acceleration, incubation programs and matchmaking opportunities with investors from leading companies in the ICT sector, both local and international, during which negotiations are held successfully in most cases, as was the case with Money Fellows, where capital is injected into startups enabling them to increase their footprint and expand their product offerings into new markets.Hangwi Muambadzi, Venture Partner at CommerzVentures said Money Fellows is already a standout national success story, and we are incredibly excited to partner with the company as they begin the next phase in their growth journey. We are very excited to become part of the companys journey!Stuart Gast, Invenfin CEO commented: Digitizing widely used and culturally familiar money circles will be a key driver for achieving greater financial inclusion, not only in Egypt but in other emerging markets too. The innovation and uniqueness of the technology developed by the team has resulted in a highly scalable and frictionless experience for its users who traditionally opted out of the ROSCA model due to the many barriers and risks involved.
Funding
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