Tech

Egypt’s prop-tech startup Birdnest raises substantial funding to pursue expansion dreams

Published

7 months ago

June 6, 2024

Egypt’s prop-tech startup, Birdnest, has announced raising an undisclosed but substantial sum in a pre-Series A funding to pursue it dreams of expanding its local footprint in the Egyptian home market and move into new territories.

Birdnest which was founded in 2020 by the duo of Mostafa El-Nahawy and Ahmed Fadda, “offers innovative furnishing services and rental management solutions to ensure maximum returns for real estate investors and value for tenants.”

According to El-Nahawy, the funding was secured from angel investors including Beltone Venture Capital and CI Venture Capital and though the exaxt amount is undisclosed, El-Nahawy says it was raised in exchange for a 20 per cent stake in the company, which now plans to expand its regional quality team, further develop its tech, and rollout aggressive marketing initiatives.

“Birdnest’s strategic use of the funds is poised to significantly expand its local footprint in Egypt and scale its operations across key regional markets, including Athens, Dubai, and Riyadh,” he said.

“This partnership with Beltone Venture Capital, a venture capital firm with deep roots in investment banking, provides us with more than just capital.

“It equips us with the strategic financial infrastructure essential for our next phase of growth,” El-Nahawy added.

CEO of Beltone Venture Capital, Ali Mokhtar, who also spoke on his company’s investment in Birdnest, said he was excited to support the startup and its leadership team to achieve their vision to lead and innovate the real estate sector in the MENA region.

“Birdnest has demonstrated strong operational performance, and with its ambitious expansion plans, it is well-positioned to become the leading proptech company in the region,” Mokhtar said.

Related Topics:Birdnest Featured Funding Prop-Tech Startup

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Tech

Facebook returns to Uganda after 4-year ban

Published

1 day ago

December 24, 2024

Isaac Dachen

After four years of being in the cooler as a result of suspension by government, Facebook, now Meta, is making a return to Uganda after prolonged negotiations saw the Ugandan government reverse the ban it placed on the platform since 2021.

The suspension of the social media platform had stemmed from accusations by the government that Facebook was meddling in the country’s political affairs during the 2021 presidential elections which arose after it deleted government-affiliated accounts for allegedly spreading disinformation.

This ban of Facebook has led to widespread disruptions across the nation, affecting not only political discourse but also personal connections and business operations.

But according to reports, with a potential re-launch on the horizon for December 2024, Facebook’s comeback could be a game-changer with approximately 2.5 million Ugandans poised to reconnect on the platform, while the Uganda Revenue Authority stands to gain financially from its revival just as businesses, especially smaller enterprises, stand to benefit from advertising incomes.

Tech

20 African tech-preneurs embark on Korean innovation tour

Published

3 days ago

December 22, 2024

Isaac Dachen

The African Development Bank Group’s Innovation and Entrepreneurship Lab has selected 20 promising tech entrepreneurs from various African technology ventures and enterprise support organisations to embark on a two-week study tour of the Republic of Korea, with the aim of seeking investment and insights from the country’s innovative tech ecosystem.

The selected entrepreneurs are from 133 ventures that participated in last month’s Africa Tech Startup Forum.

The forum which will hold under the auspices of the lab’s “Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support” project, had selected entrepreneurs who pitched the best business models during the week-long virtual market access and acceleration programme preparing, training, and connecting technology ventures with opportunities.

The 20 young tech-preneurs were selected from eight African countries including Nigeria, Egypt, Ghana, Kenya, Morocco, Rwanda, South Africa, and Uganda, with the delegates spanning various sectors in the technology space.

While in Korea, the African delegates will pay visits to prestigious institutions such as Global Startup Centre, LG Science Park, the Korea Software Technology Association, and the Global Digital Innovation Network.

Speaking on behalf of the delegates, founder of Kenya-based health technology venture Zuri Health, Uche Ezadinachi said:

“I am excited to go to Korea because the country has made serious technological developments. The country is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa.

“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” he added.