{"id":562271,"date":"2021-05-18T04:24:44","date_gmt":"2021-05-18T04:24:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/"},"modified":"2021-05-18T04:24:44","modified_gmt":"2021-05-18T04:24:44","slug":"sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/","title":{"rendered":"Sequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda"},"content":{"rendered":"

<\/a> Digital banking app <\/strong>Telda<\/a><\/strong> landed USD 5 mn in a pre-seed funding round led by <\/strong>Silicon Valley-based VC firm Sequoia Capital<\/strong>, according to a statement (pdf)<\/a>. Global Founders Capital and Class 5 Global also participated in the investment round.<\/p>\n

The investment means Telda just broke the regional record for pre-seed funding<\/strong>, which Egyptian logistics startup Flextock set earlier this month<\/a> by closing a USD 3.25 mn pre-seed investment. Telda\u2019s funding round is also Sequoia Capital\u2019s first investment in North Africa and the GCC, as well as the first investment in Egypt for Global Founders Capital and Class 5 Global.<\/p>\n

About Telda:<\/strong> The app, which will formally launch in a few weeks\u2019 time, will provide its users with a Telda card that can be used online or in brick and mortar stores, to withdraw from ATMs, pay bills, and send and receive money. The company is the first to land a banking license from the Central Bank of Egypt under the new Banking Act<\/a>. And it\u2019s a big market: <\/strong>Bloomberg reminds us that Egypt is the world\u2019s third-most cash-reliant economy, after Morocco and Vietnam and just ahead of the Philippines and Peru.<\/p>\n

It\u2019s not the first rodeo for Telda\u2019s founders: <\/strong>CEO Ahmed Sabbah was co-founder and chief technology officer of transport startup Swvl, while co-founder Youssef Sholqamy was a senior engineer at Uber\u2019s infrastructure team.<\/p>\n

And Sequoia has a good track record picking challenger banks: <\/strong>It invested in 2013 in Latin America\u2019s Nubank, which now boasts some 38 mn clients and claims to be \u201cthe world\u2019s largest digital bank.\u201d<\/p>\n

The story is getting attention in the foreign press this morning:<\/strong> Bloomberg<\/a>| Business Insider<\/a> | TechCrunch<\/a>.<\/p>\n

MEANWHILE: Egyptian shipment logistics startup Bosta raised USD 6.7 mn in a series A funding <\/strong>round<\/strong> led by Silicon Badia, a Jordan-based global VC fund, according to Menabytes<\/a>. 4DX Ventures, Plug and Play Ventures, Wealthwell VC, Khwarizmi Ventures and other unnamed investors also participated in the round. Bosta will use the funding to grow its business in Egypt, with an eye to expanding into Saudia Arabia by the end of 2021. The company also has plans to expand further to other GCC markets. Bosta had previously raised a USD seven-figure investment in a series A round in February 2020<\/a> to support its growth in Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"

Digital banking app Telda landed USD 5 mn in a pre-seed funding round led by Silicon Valley-based VC firm Sequoia Capital, according to a statement (pdf). Global Founders Capital and Class 5 Global also participated in the investment round. The investment means Telda just broke the regional record for pre-seed funding, which Egyptian logistics startup […]<\/p>\n","protected":false},"author":1,"featured_media":562272,"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":[72,95],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"1f1ed149-d4e7-4701-9c3a-b1413e1d1791","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/134.jpg","photo_position":"above","related_issue":[562267],"teaser":"","voice_url":""},"yoast_head":"\nSequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda - 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\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda\" \/>\n<meta property=\"og:description\" content=\"Digital banking app Telda landed USD 5 mn in a pre-seed funding round led by Silicon Valley-based VC firm Sequoia Capital, according to a statement (pdf). 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It\u2019s encouraging news for Planet Startup as global economic woes see many local firms tightening their belts.Digital banking\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\/10\/217.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558208,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/egyptian-startups-raise-26-of-mena-funding-in-1h2021\/","url_meta":{"origin":562271,"position":1},"title":"Egyptian startups raise 26% of MENA funding in 1H2021","author":"enterpriseam admin","date":"1 August 2021","format":false,"excerpt":"Egyptian startups landed some USD 194 mn in venture capital finance in the first half of this year and accounted for 26% of all transactions inked across MENA in the same time period, ITIDA CEO Amr Mahfouz said last week in a statement (pdf). Mahfouz said in public comments that\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\/2021\/8\/37.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562579,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/30\/also-on-our-radar-on-30-may-2021\/","url_meta":{"origin":562271,"position":2},"title":"Also on our radar on 30 May 2021","author":"enterpriseam admin","date":"30 May 2021","format":false,"excerpt":"TMG subsidiary the Arab Company for Projects and Urban Development has received a 5k feddan plot of land to build a mixed-use project in Capital Gardens City near the new administrative capital, the Housing Ministry said in a statement. The EGP 500 bn project, modelled after Madinaty, will feature 140k\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565801,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/flextock-seals-record-pre-seed-funding\/","url_meta":{"origin":562271,"position":3},"title":"Flextock seals record pre-seed funding","author":"enterpriseam admin","date":"5 May 2021","format":false,"excerpt":"An Egyptian logistics player just set a regional record for pre-seed funding: Logistics startup Flextock has closed a USD 3.25 mn pre-seed investment round, just two months after graduating from Y Combinator\u2019s winter batch, according to TechCrunch.This is the largest ever pre-seed round managed by a MENA startup, and exceeds\u2026","rel":"","context":"In "SPEED ROUND: STARTUP WATCH"","block_context":{"text":"SPEED ROUND: STARTUP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/311.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553412,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/02\/raseedi-raises-usd-850k-pre-series-a-investment-bexel-closes-usd-six-figure-round\/","url_meta":{"origin":562271,"position":4},"title":"Raseedi raises USD 850k pre-series A investment + Bexel closes USD six-figure round","author":"enterpriseam admin","date":"2 December 2021","format":false,"excerpt":"Fintech startup Raseedi raised USD 850k in pre-series A funding from Africa-focused Japanese VC firm Samurai Incubate, an undisclosed European investor and existing investors including 500 Global, Falak Startups and EFG-EV, Wamda reports. The company had previously raised USD 400k in seed funding in 2019.About Raseedi: The telecom app launched\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\/2021\/12\/210.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587632,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/valu-telda-partner-up-plus-tatweer-misr-signs-partnership-deal-to-enter-saudi-frs-approves-egx-futures-clearing-company\/","url_meta":{"origin":562271,"position":5},"title":"valU, Telda partner up. PLUS: Tatweer Misr signs partnership deal to enter Saudi, FRS approves EGX futures clearing company","author":"enterpriseam admin","date":"30 May 2023","format":false,"excerpt":"valU is also planning a fresh securitization transaction soon","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1609.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562271","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=562271"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562271\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/562272"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562271"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562271"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}