{"id":556261,"date":"2021-10-18T04:04:57","date_gmt":"2021-10-18T04:04:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/"},"modified":"2021-10-18T04:04:57","modified_gmt":"2021-10-18T04:04:57","slug":"construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/","title":{"rendered":"Construction tech outfit Elmawkaa and mobile security startup MagicCube close rounds"},"content":{"rendered":"

<\/a> Egyptian construction tech startup <\/strong>Elmawkaa<\/a><\/strong> has raised an undisclosed USD<\/strong> six-figure sum in a seed round<\/strong> led by Flat6Labs<\/a>, with the participation of a group of Saudi investors from the OQAL Angel Investors<\/a> network, the startup said in an emailed statement (pdf)<\/a>. The company is looking to onboard 2k suppliers and process 4k transactions worth USD 2 mn next year, CTO Mahmoud Habib said.<\/p>\n

Local and regional expansion ahead: <\/strong>The company is planning to expand across the country and have a presence in all Egyptian cities by 2023, before setting its eyes on cross-border expansion to Saudi\u2019s Riyadh the following year. Egypt\u2019s building materials market is worth USD 17.5 bn \u2014 accounting for 30% of the sector in MENA \u2014 and is expected to grow to more than USD 62.3 bn by 2029, according to Habib.<\/p>\n

What does Elmawkaa do?<\/strong> The company\u2019s platform uses matching algorithms to help users buy and sell building materials, allowing customers to request quotations from suppliers before choosing the best bid. Founded in 2017, Elmawkaa was part of a 500 Startups<\/a> accelerator in late 2019 and has since onboarded more than 1k suppliers and 4.5k contractors, facilitating sales of more than USD 1 mn. \u201cWe are not a listing or ordinary marketplace, we are digitizing and innovating the process of buying building materials,\u201d said co-founder and CEO Ebrahem Anwar.<\/p>\n

ALSO FROM PLANET STARTUP-<\/strong> California-based mobile security startup <\/strong>MagicCube<\/a><\/strong> \u2014 co-founded by Egyptians Sam Shawki and Nancy<\/strong> Zayed \u2014 raised USD 15 mn <\/strong>in a funding round led by Mosaik Partners<\/a>, with the participation of Bold Capital<\/a>, Epic Ventures<\/a>, payments-hardware maker ID Tech<\/a> and unnamed individual investors, TechCrunch<\/a>reported.<\/p>\n

The <\/strong>global chip shortage<\/a><\/strong> is good news for MagicCube: <\/strong>The company\u2019s software-based mobile technology allows businesses to securely process payments, theoretically making security chips obsolete. \u201cThe chip shortage that is halting entire industries and hiking device prices has exposed how antiquated the current approach is and how valuable MagicCube\u2019s solution is to tackle this issue \u2014 this round reflects that,\u201d Shawki (LinkedIn<\/a>) said.<\/p>\n

Background: <\/strong>MagicCube has raised USD 30 mn to date since its debut in 2014, having previously secured two investments from Visa<\/a> as well as backing from Azure Capital Partners, Epic Ventures, NTT Data, Silicon Valley Bank and the Sony Innovation Fund among others, according to TechCrunch. The company\u2019s co-founders, CTO Zayed (LinkedIn<\/a>) and Shawki, are an Egyptian power couple whose careers have taken them from an Egyptian startup to major tech companies including Apple and Netscape \u2014 back to a startup, this time in the heart of Silicon Valley.<\/p>\n

Want to hear more about MagicCube?<\/strong> We sat down with Zayed and Shawki last year on our podcast, Making It<\/a>, to learn how they went from building software in Egypt to working at tech companies that arguably changed the world (listen, runtime: 42:18<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

Egyptian construction tech startup Elmawkaa has raised an undisclosed USD six-figure sum in a seed round led by Flat6Labs, with the participation of a group of Saudi investors from the OQAL Angel Investors network, the startup said in an emailed statement (pdf). The company is looking to onboard 2k suppliers and process 4k transactions worth […]<\/p>\n","protected":false},"author":1,"featured_media":556262,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[653,130,72,3335,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-chip-shortage","tag-construction","tag-enterpriseam","tag-magiccube","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"86bafd5e-7dae-43b3-a533-9aa11226964b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/192.jpg","photo_position":"above","related_issue":[556251],"teaser":"","voice_url":""},"yoast_head":"\nConstruction tech outfit Elmawkaa and mobile security startup MagicCube close rounds - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Construction tech outfit Elmawkaa and mobile security startup MagicCube close rounds\" \/>\n<meta property=\"og:description\" content=\"Egyptian construction tech startup Elmawkaa has raised an undisclosed USD six-figure sum in a seed round led by Flat6Labs, with the participation of a group of Saudi investors from the OQAL Angel Investors network, the startup said in an emailed statement (pdf). The company is looking to onboard 2k suppliers and process 4k transactions worth […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-18T04:04:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/192.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Construction tech outfit Elmawkaa and mobile security startup MagicCube close rounds\",\"datePublished\":\"2021-10-18T04:04:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/\"},\"wordCount\":465,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/192.jpg?fit=%2C&ssl=1\",\"keywords\":[\"chip shortage\",\"construction\",\"EnterpriseAM\",\"MagicCube\",\"Startup watch\",\"startups\"],\"articleSection\":[\"Startup watch\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/\",\"name\":\"Construction tech outfit Elmawkaa and mobile security startup MagicCube close rounds - 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Zayed (LinkedIn) and co-founder Sam Shawki (LinkedIn) are an Egyptian\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572190,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/15\/cventures-makes-undisclosed-investment-in-magiccube\/","url_meta":{"origin":556261,"position":2},"title":"CVentures makes undisclosed investment in MagicCube","author":"enterpriseam admin","date":"15 June 2020","format":false,"excerpt":"STARTUP WATCH- CIB\u2019s VC arm CVentures has made an undisclosed investment in US-based mobile security startup MagicCube, according to a statement (pdf). CVentures joins a group of investors led by Bold Capital, Epic Ventures, Sony, NTT Data, Azure Capital, Visa and Luqman Weise Capital. \u201cWe are delighted to see VC\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577853,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/saudi-auto-startup-morni-is-on-the-lookout-for-egyptian-acquisitions\/","url_meta":{"origin":556261,"position":3},"title":"Saudi auto startup Morni is on the lookout for Egyptian acquisitions.","author":"enterpriseam admin","date":"7 December 2022","format":false,"excerpt":"Saudi Arabia\u2019s Morni is eyeing acquisitions in Egypt: Saudi roadside assistance and automotive service provider Morni is looking to debut in the Egyptian market by acquiring local firms, and has hired Exits as its buy-side advisor, according to a statement(pdf) out yesterday. The startup plans to invest USD 10 mn\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/128.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607518,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/intella-closes-usd-3-4-mn-seed-round-led-by-saudi-vcs\/","url_meta":{"origin":556261,"position":4},"title":"Intella closes USD 3.4 mn seed round led by Saudi VCs","author":"enterpriseam admin","date":"4 October 2023","format":false,"excerpt":"The fresh funds are fueling Intella\u2019s expansion into Saudi","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/278.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568796,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/04\/egyptian-food-tech-startup-elmenus-raises-usd-8-mn-in-series-b-round\/","url_meta":{"origin":556261,"position":5},"title":"Egyptian food-tech startup Elmenus raises USD 8 mn in series B round","author":"enterpriseam admin","date":"4 February 2020","format":false,"excerpt":"STARTUP WATCH- Elmenus raises USD 8 mn in Algebra, Global Ventures-led series B funding round: Cairo-based food-tech startup Elmenus has raised USD 8 mn in a series B funding round led by our friends at Algebra Ventures and UAE-based venture capital fund Global Ventures, according to an emailed statement (pdf).\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556261"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556261\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/556262"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556261"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556261"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}