The funding round was led by Ayady for Investment and Development, alongside existing investors Egypt Pay, Delta Electronic Systems, and E-Finance.

Sahl plans to leverage the fresh capital to transform into a comprehensive financial services provider.

This includes improving existing offerings and developing new financial products.

The company also aims to expand its regional footprint after a successful launch in the United Arab Emirates (UAE).

The startup seeks to become a leading player in Egypt’s digital payments sector, facilitating seamless transactions.

It intends to achieve this through strategic partnerships that unlock new distribution channels, collaborative technology ventures, and co-marketing opportunities.

Founded in 2020, Sahl has already carved a niche for itself in the Egyptian market. The bill payment platform allows users to conveniently recharge prepaid cards and boasts a user base exceeding 12 million customers and 15 million households served monthly.

One of Sahl’s key differentiators is its direct integration with multiple government entities. This unique feature allows users to pay bills for various utilities, including electricity (Egyptian Electricity Holding Co., EEHC), water (New Urban Communities Authority, NUCA), telecom services (Vodafone, WE, Orange, Etisalat), petrol (Petrotrade), and even TV subscriptions (Cable Network Egypt).

“Our innovative use of Near Field Communication (NFC) technology empowers users to recharge prepaid cards without leaving their homes, saving them valuable time and effort,” said a company representative.

Sahl has also strategically expanded its offerings beyond direct-to-consumer (B2C) services to cater to the business-to-business (B2B) sector. This two-pronged approach involves the Services Gateway, a central hub that integrates bill payment services from various sources, fostering a more interconnected financial ecosystem.

Disruptech Ventures led the round, joined by OneStop Capital, Axian Investment CVC, Egypt Ventures, and other investors.

This investment comes nearly two years after i’SUPPLY’s $1.5 million pre-seed round, also led by Disruptech Ventures.

The fresh capital will be used to enhance the company’s growth strategy and revolutionize its support for smaller pharmacies.

“This investment accelerates our ability to empower pharmacies,” said i’SUPPLY CEO and Co-Founder Ibrahim Emam.

The company is pursuing a license from the Egyptian Financial Regulatory Authority to directly address pharmacies’ financing needs.

“Our core mission is to meet the growing demand for funding and tackle working capital shortages faced by pharmacies and distributors,” Emam added.

Malek Sultan, Co-Founder and Partner at DisrupTech Ventures, highlighted the critical need for financing solutions in the Egyptian pharmacy landscape.

Founded in 2022, i’SUPPLY aims to digitize the pharmaceutical industry by offering a comprehensive solution for managing supply chain disruptions.

Their platform streamlines transactions between drug manufacturers, distributors, wholesalers, and pharmacies.

Since its inception, i’SUPPLY has reportedly processed over one million purchase orders and facilitated an annual transaction volume exceeding EGP 1 billion (US$20.9 million).

Their network connects over 10,000 pharmacies, collaborates with more than 200 distributors, and offers a portfolio of over 10,000 pharmaceuticals.

This news follows the Egyptian Health Care Authority’s announcement on June 7, 2024, regarding partnerships for digital transformation and service mechanization within healthcare facilities.

This five-year initiative aims to revolutionize financial management for content creators by providing them with cutting-edge digital tools.

“We want to empower these digital pioneers with the financial security and tools they need to flourish in the ever-changing payments landscape,” said Shehryar Ali, a senior Mastercard official for East Africa and the Indian Ocean Islands.

“This investment aligns with our mission to promote financial inclusion and drive innovation in Africa’s rapidly evolving digital economy.”

Mastercard’s investment supports the gig economy by providing innovative digital payment solutions like watch cards and ring cards.

These secure and convenient options will allow creators to receive payments directly from brands, fans, and sponsors, eliminating the need for traditional channels.

Wowzi will leverage its network to boost creators’ visibility and earning potential, while MDP will ensure secure and seamless transactions through its technical expertise.

Africa’s internet economy holds immense promise, with a potential value of $180 billion by 2025 according to a 2020 IFC report (e-Conomy Africa 2020).

This highlights the importance of Mastercard’s investment in digital solutions for African content creators.

This collaboration marks a significant step towards the future of digital finance in Africa, combining creativity and technology to empower the continent’s content creation industry.

This investment aims to fuel the growth of mid-sized African companies serving low- and middle-income populations, driving economic expansion and sustainable development across various sectors.

Amethis Fund III will target businesses operating in healthcare, logistics and IT (business services), manufacturing and distribution (including agribusiness and consumer goods), non-banking financial services, and infrastructure and energy-related services.

This aligns with EIB Global’s and the European Union’s Global Gateway strategy’s focus on fostering economic development in diverse regions, with a particular emphasis on sub-Saharan Africa.

EIB Vice-President Thomas Östros highlighted the bank’s commitment to supporting Amethis’ endeavors in Africa.

“We view Africa as a key partner with immense potential and untapped opportunities,” he said.

Östros emphasized that the partnership addresses the lack of patient equity capital hindering the growth of African businesses.

Luc Rigouzzo and Laurent Demey, managing partners at Amethis, welcomed the renewed EIB support.

“Building on past collaborations, this strategic backing allows us to empower mid-sized companies to deliver superior goods and services to African consumers,” they stated.

“We aim to create African champions by promoting regional integration and sustainable economic growth.”

The EIB has a proven track record of investing in Africa-focused equity funds, with nearly €3 billion committed to both regional and country-specific funds.

The bank’s early investment has played a crucial role in attracting other investors due to its adherence to best practices in environmental, social, and governance (ESG) criteria, ensuring maximum impact on portfolio companies.

Since its inception 12 years ago, Amethis has supported the growth of over 30 African companies, directly creating over 40,000 jobs.

These companies contribute not only to economic development but also to achieving crucial Sustainable Development Goals for the continent.

Amethis leverages its strong local presence in Nairobi, Abidjan, Casablanca, and Cairo to identify new opportunities and track market trends in each country.

This on-the-ground presence has established Amethis as a trusted partner for expanding companies, prioritizing value creation and positive impact.

The EIB’s investment in Amethis Fund III underscores the growing recognition of private capital’s critical role in driving economic progress in Africa.