A specialist investor has sealed a follow-on deal, backing a funding round in its Egypt-based technology portfolio company focused on the business services space.
Egypt Ventures has backed a $1 million series-A investment round into Nawah Scientific, with the transaction structured as a mixture of debt and equity.
The investor is joined in the round by two Egypt-based angel investment networks – Alexandria Angel Network and Cairo Angels – who are in the deal as new investors.
US-based angel investment network Hult Alumni Angels is also participating in the round, investing as a new player.
Nawah Scientific will use the new capital for product expansion, with the company looking to provide research on the food, agriculture and petrochemical industries.
The company currently focuses on the pharmaceuticals space.
Part of the capital will be used for geographical expansion, with company looking to grow its footprint regionally, across the Middle East and Africa (MEA) region.
Nawah Scientific is being backed based on growth prospects, with the company well poised to grow across the MEA region, according to Egypt Ventures.
“Egypt Ventures has a clear mandate to support exceptional Egyptian startups bringing actual value to the Egyptian community,” said Ahmed Gomaa, chief executive officer (CEO) at Egypt Ventures. “We have witnessed Nawah first-hand and we have seen how they deliver on their promise to empower scientific research in the entire MEA region.”
Tarek El Kady general partner at the Alexandria Angel Network worked on the deal.
Egypt Ventures first backed Nawah in 2018, backing a $1 million investment round into the company.
Headquartered in Cairo, Nawah is a software company which offers an online on-demand research platform to clients, across MENA.
Through the platform, clients can send experiment requests. Nawah’s scientists then carry them out and return results online.
The company’s clients include pharmaceuticals, petrochemical and agriculture companies.
Created in 2015, Nawah is headed by founder and CEO Omar Sakr and employs 23 people, as of 2021.
Full deal details will be available shortly