Alex Angels invested in three startups; Mumm, Ordera, and El Gameya, Tarek El-Kady, founding partner of Alex Angels, told Al Mal. The fund aims to support start-ups looking for financing in a more advanced stage. This fund was created due to the limited number of financing allocated to companies beyond early-stage funding in Egypt.
Mumm is an online platform connecting homebased cooks with working professionals to give them access to fresh homemade food. The startup raised an undisclosed sum from Alex Angels earlier this year.
Cairo-based food ordering startup Ordera also raised funding from Alex Angels prior to this.
Earlier this year, fintech startup, ElGameya, secured a six-figure investment led by AUC angels.
The angel network was supposed to launch the fund in September. However, it was postponed due to “the procedures to set off the offshore vehicle, which appeared to be the “most economical” option for the fund” El-Kady told Enterprise in September.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.
