Egypt’s petcare, e-commerce startup, Vetwork, seals Bridge round. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today

1. Egypt’s petcare and e-commerce startup, Vetwork, seals Bridge round

An Egyptian petcare and e-commerce startup, Vetwork, has announced sealing a Bridge Round.

The round, according to the startup, saw participation from Alexandria Angel Network, individual Saudi Investors, and Financial Support from Nestlé Purina.

Fady Azzouny, Founder and CEO of Vetwork disclosed the sealed bridge round in a statement on seen by Ripples Nigeria on Monday.

Vetwork, which is a provider of services and products for Pet Owners in the MENA region, selects and filters service providers and products to deliver the best quality possible in a smooth and easy experience.

The app-based startup was founded by Adam Hafez, Fady Azzouny, and Mohammad Khazbak in 2019.

Fady, while commenting on the latest development, said:

“We’re so proud of what we have achieved so far, who else has been innovating in the PetCare industry in MENA.

“Vetwork has paved the way for many entrepreneurs looking to pursue opportunities in our industry!”

Tech Trivia: What is GPS technology used for?
A Satellite Navigation
B Weather Forecasting
C Motion Detection
D Network Security
Answer : see end of post

2. FSD Africa, announces $9.8-million investment to support Africa-focused investors

A non-profit company limited by guarantee in Kenya, FSD Africa, has announced a $9.8-million investment to support investors willing to invest in Africa’s SMEs, focusing on gender equity as a key driver of financial performance.

The managing director of Nyala Venture, Bart Schaap, Monday, disclosed that the special investment fund will be allocated through Nyala Venture.

Read also:Morocco’s Chari acquires Ivorian startup Diago. 1 other story and a trivia

Ripples Nigeria gathered that the funding was raised in partnership with the Collaborative for Frontier Finance (CFF), and the facility manager, a Joint Venture of Cardano Development and Total Impact Capital Europe, while FSDAi will provide the anchor funding for Nyala Venture.

FSD Africa is a specialist development agency established in 2012 and supported by UK aid that claims to build and strengthen financial markets across sub-Saharan Africa.

Ripples Nigeria understands that FSD Africa is funded by UK aid from the UK government but incorporated as a non-profit company limited by a guarantee in Kenya.

Schaap expressed his confidence in the latest funding and hoped that the funding will boost small businesses in Africa.

He said: “I believe the new investment facility will unlock opportunities in a new class of capital providers that has to date often been disregarded.

“By treading on uncharted paths, I am confident that we shall demonstrate the appropriateness of Alternative Capital Providers for channeling funding to small and growing businesses in the African context.”

3. Egypt-based AI startup, DXwand secures $1M Pre-Series A

An Egypt-based AI and digital assistants tool startup, DXwand, has announced securing a $1M Pre-Series A investment round led by Huashan Capital.

Ahmed Mahmoud, Founder, and CEO of DXwand confirmed the latest raiser on Monday in a media statement.

Ripples Nigeria gathered that the investment round saw participation from angel investors like Mohsen Abulleil and Ahmed Bakeer.

DXwand is a smart, AI-driven software that automates text and voice conversations between customers and businesses in call centers, Facebook Messenger, WhatsApp, via SMS, or on a website.

The AI-based startup was founded by Ahmed Mahmoud in 2018, with headquarters in the US.

Mahmoud, while commenting on the new fund, said that the investment will be used to accelerate its growth across the region, and boost research in AI.

He said: “We’re most grateful to our investors for their continuous support and trust in us. With gaining more trust from various stakeholders to lead the AI services industry in MENA, and having been achieving 11X year-over-year growth.

“We look forward to propelling this success even more in the coming period.

“We can’t forget where all this had started. I am genuinely grateful for Egypt’s Information Technology Industry Development Agency (ITIDA), who invited us to Hangout with VCs event that led us to get exposed to SOSV and other overseas investors in this round and upcoming rounds. It was the most impactful matchmaking event I attended in Egypt.”

Trivia Answer: Satellite Navigation

Stands for “Global Positioning System.” GPS is a satellite navigation system used to determine the ground position of an object. GPS technology was first used by the United States military in the 1960s and expanded into civilian use over the next few decades.

Today, GPS receivers are included in many commercial products, such as automobiles, smartphones, exercise watches, and GIS devices.

By Kayode Hamsat

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