ElGameya raises six-figure pre-seed investment

STARTUP WATCH- Egyptian fintech startup ElGameya has raised an undisclosed six-figure investment in a pre-seed round led by AUC Angels, reports Menabytes. Cairo Angels and Alex Angels also participated in the funding round. The company will use the investment to grow its user base and aims to reach 1k cycles by 2021. ElGameya was founded by Ahmed Mahmoud in 2018, and works as a digital ‘gameya,’ a popular way of saving in Egypt where a group of people deposit a fixed amount of money and take it in turns to receive the whole pot. The startup receives the money and facilitates payments to users, and operates a marketplace where users can purchase products using their savings.