GCC VCs still have an appetite for Egyptian startups: Egyptian task management and digital workspace startup Taskedin sold a “strategic stake” to Saudi VC firm Edafa Venture Capital in a USD seven-figure transaction, the firm announced. Details about the size and the exact cost of the stake are yet to emerge.

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Slack, but make it Egyptian: The tech startup offers a digital workspace and task management platform through an app that promises to help keep down costs and push up productivity. The app offers virtual meetings, attendance tracking, payment transfer services, AI chatbots, collaborative checklists, project organization, and more. You can check out the rundown of services offered by the startups on its YouTube channel (watch, runtime: 8:38).

The app also has one feature that makes it particularly attractive in the region: Unlike its big international competitors, Taskedin has the option of having its application be in either Arabic or English — potentially filling an important gap in the market.

What’s the money for? The fresh funds will help Taskein expand into the GCC — with a particular focus on Saudi Arabia — and to other countries further afield, according to the VC

More Egyptian-bound investment from Edafa in the pipeline? Edafa described the acquisition as part of its plan to expand in the Egyptian market. Edafa wants to invest some SAR 50 mn in Egypt in 2025, through the purchase of stakes between 10-60% in 25 tech startups, Edafa CEO Essam Ali told Al Borsa. The VC will also be providing the startups with technical support, helping them expand.

The firm also signaled its intention to expand elsewhere in the region, with plans to open branches in Bahrain, Kenya, and Qatar.

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