Disruptech, a newly formed $25 million fintech fund has made its first investments in two startups: Khazna and Brimore for undisclosed amounts.

Disruptech was launched by Mohamed Okasha, Fawry’s co-founder and former managing director, and finance guru Malek Sultan at the end of March of this year.

Commenting on the investments, Okasha said, “We are pleased to start investments in Egypt with two startups that have demonstrated clear long term potential for growth: smart founders with strong execution capabilities who are disrupting traditional markets with easy to use technology and scalable business models.”

He also expressed his confidence in the startup community amidst COVID-19 concerns, as well as excitement to be part of the growth journey of companies aiming to disrupt financial services who will come out on the “winning end.”

Khazna

Khaznah is a Cairo-based fintech startups that aims to provide mobile financial services to over 20 million underbanked Egyptians. It first product Khazna HR, allows employers to offer cash advances to their employees cover unforeseen emergencies.

The company raised an undisclosed seed round from Algebra Ventures and Accion Venture Lab, Accion’s seed-stage last month.

Khazna was founded in 2019 by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah and claims to have already signed a number of companies with over 70,000 employees.

Brimore

Brimore is an end-to-end distribution platform in Egypt that connects factories, individual sellers, and consumers through its online marketplace. It allows factories of all sizes to reach their consumers through direct sellers by providing them with a network of direct sales agents.

It was founded in 2017 by Mohamed Abdulaziz and Ahmed Sheikha. Brimore previously raised $800,000 from Endure Capital, Algebra Ventures, Flat6Labs and 500 Startups, enabling the company to bring its platform to market.

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