{"id":574671,"date":"2020-09-17T04:13:25","date_gmt":"2020-09-17T04:13:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/17\/sawari-ventures-makes-follow-on-investment-in-egyptian-ai-startup-elves\/"},"modified":"2020-09-17T04:13:25","modified_gmt":"2020-09-17T04:13:25","slug":"sawari-ventures-makes-follow-on-investment-in-egyptian-ai-startup-elves","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/17\/sawari-ventures-makes-follow-on-investment-in-egyptian-ai-startup-elves\/","title":{"rendered":"Sawari Ventures makes follow-on investment in Egyptian AI startup Elves"},"content":{"rendered":"

<\/a> STARTUP WATCH- Sawari Ventures has made a <\/strong>follow-on investment in high-profile AI startup Elves<\/strong>, bringing Elves\u2019 total pre-series A funding to nearly USD 5 mn, according to a statement (pdf)<\/a>. The initial funding round, which has been ongoing for two years, closed in February, \u201cwith additional follow-on in July reflecting confidence in Elves pre- and post-covid,\u201d the statement says.<\/p>\n

How Elves boomed during covid-19:<\/strong> The concierge and personal assistant app has grown its user base by a whopping 500% in the last six months, according to the statement. The bulk of the company\u2019s revenue stream was from industries that were paralyzed by the pandemic, such as booking flight tickets, making hotel reservations, and buying tickets for concerts and the cinema. \u201cWe shifted rapidly to a focus on what people would need most while they were confined to their homes,\u201d Elves founder and CEO Karim El Sahy said.<\/p>\n

Elves has also brought on optimization whiz Mohamed El Beltagy (<\/strong>LinkedIn<\/a><\/strong>) as its new CTO <\/strong>in April as the company scales up its machine learning development, the statement notes. El Beltagy has served as CTO of Swedish AI-powered coaching app Racefox<\/a> and is also the CEO of machine learning and optimization company Optomatica<\/a>.<\/p>\n

Want to know more about Elves?<\/strong> We sat down with El Sahy and his partner (and wife), Abeer El Sisi, who together founded Elves for the very first episode of our podcast, Making It. Listen to the episode on our website here<\/a> or try Apple Podcast<\/a> or Google Podcast<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

STARTUP WATCH- Sawari Ventures has made a follow-on investment in high-profile AI startup Elves, bringing Elves\u2019 total pre-series A funding to nearly USD 5 mn, according to a statement (pdf). The initial funding round, which has been ongoing for two years, closed in February, \u201cwith additional follow-on in July reflecting confidence in Elves pre- and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[7094,1119,72,444,2380,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574671","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-ai","tag-elves","tag-enterpriseam","tag-sawari-ventures","tag-speed-round","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"e0a94ab7-4b45-4fc5-aaa4-aa05c68629ba","is_powered_by":true,"section_story_id":"fdc11f2d-2a92-4172-a3a7-7db0eaa0a631","story_type":"1","photo_url":"","photo_position":"above","related_issue":[574662],"teaser":"","voice_url":""},"yoast_head":"\nSawari Ventures makes follow-on investment in Egyptian AI startup Elves - 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\/2020\/09\/17\/sawari-ventures-makes-follow-on-investment-in-egyptian-ai-startup-elves\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sawari Ventures makes follow-on investment in Egyptian AI startup Elves\" \/>\n<meta property=\"og:description\" content=\"STARTUP WATCH- Sawari Ventures has made a follow-on investment in high-profile AI startup Elves, bringing Elves\u2019 total pre-series A funding to nearly USD 5 mn, according to a statement (pdf). 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