COREangels MEA, in collaboration with PTS Investments Holdings and the Arab Academy for Science, Technology and Maritime Transport (AAST), has introduced a $10 million investment fund aimed at supporting early-stage technology startups across the Middle East and Africa (MEA).
The fund focuses on startups that align with the United Nations Sustainable Development Goals (SDGs), particularly in the fintech sector.
The announcement was made during COREangels MEA’s fifth Investment Committee meeting held in Cairo, Egypt.
The three-day event brought together global angel investors, regional partners, and local entrepreneurs to discuss investment opportunities and support mechanisms for startups in the region.
The event also marked the signing of a memorandum of understanding between PTS Holdings and AAST to enhance institutional support for early-stage innovators.
Out of more than 1,000 applications, five fintech startups were selected to receive up to $150,000 each in funding, along with tailored operational and advisory support from Kemtix Ventures, the innovation arm of PTS Holdings.
The selected startups include:
eMaisha Pay (Uganda): Provides financial tools such as savings accounts, crop insurance, and microloans tailored for smallholder farmers.
RentBeta (East Africa): Offers a platform that enables flexible rent payments and automates rent collection processes for landlords.
Aqua Offers (Egypt): Delivers AI-driven loyalty programs and instant savings solutions for retailers and consumers.
Monak (MENA): Provides an integrated platform offering financial, health, and insurance services to migrant communities.
Reeple (Nigeria): Simplifies international payments for African freelancers and remote workers, facilitating cross-border transactions.
Maha Mandour, Chairperson of PTS Holdings and Co-Founder of COREangels MEA, emphasized the fund’s commitment to building comprehensive ecosystems rather than merely providing capital.
“We don’t just inject funds—we believe in building comprehensive ecosystems. COREangels MEA brings capital, capability, and community support to the region’s most promising founders,” she stated.
The fund operates under a hybrid model that combines a global network of investors, local expertise, and an innovation studio to support the growth and expansion of startups.
This approach aims to bridge the gap between startup financing and long-term operational support, providing startups with the necessary tools, strategic guidance, and investor networks to scale their businesses.
The fintech sector in the MEA region is projected to surpass $100 billion by 2028, highlighting the significant growth potential and the importance of supporting innovative solutions in areas such as embedded finance, digital payments, inclusive lending, and financial access infrastructure.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Kenya has made a significant stride in building a responsible and inclusive artificial intelligence (AI) ecosystem with the introduction of the UK-Kenya AI Challenge Fund.
Google has selected 11 African Startups for its inaugural Africa AI First Accelerator Program.
Egyptian healthtech company i’SUPPLY has secured an undisclosed amount of funding in a pre-Series A round to fuel its expansion plans and bolster its offerings for small and medium-sized pharmacies.
© 2021 Empower Africa. All rights reserved.
