{"id":586290,"date":"2023-05-09T00:00:00","date_gmt":"2023-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/balad-closes-seven-figure-usd-pre-seed-round-led-by-acasia-ventures\/"},"modified":"2023-05-09T00:00:00","modified_gmt":"2023-05-09T00:00:00","slug":"balad-closes-seven-figure-usd-pre-seed-round-led-by-acasia-ventures","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/balad-closes-seven-figure-usd-pre-seed-round-led-by-acasia-ventures\/","title":{"rendered":"Balad closes seven-figure USD pre-seed round led by Acasia Ventures"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Balad completes first funding round:<\/span><span style=\"\"> Egyptian VC firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/acasia.ventures\/\" style=\"\">Acasia Ventures<\/a><\/span><span style=\"\"> led a <\/span><span style=\"\">seven-figure<\/span><span style=\"\"> USD pre-seed investment round in fintech startup <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/balad.me\/\" style=\"\">Balad<\/a><\/span><span style=\"\">, a<\/span><span style=\"\">ccording to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/441.pdf\" style=\"\">press release (<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/441.pdf\" style=\"\">pdf<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/441.pdf\" style=\"\">)<\/a><\/span><span style=\"\">. Other investors in the round included <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/launchafrica.vc\/\" style=\"\">Launch Africa<\/a><\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.future.africa\/\" style=\"\">Future Africa<\/a><\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.vrinvestments.com\/\" style=\"\">V&R<\/a><\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.magic.fund\/\" style=\"\">Magic Fund<\/a><\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.firstcircle.capital\/\" style=\"\">First Circle<\/a><\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/sunnyside-vp.com\/\" style=\"\">Sunny Side<\/a><\/span><span style=\"font-weight:400;\"> and several MENA-region family offices. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Making it easier to send cash home: <\/span><span style=\"\">Founded last year by Adham Azzam (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/adham0azzam\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"\">), Sally <\/span><span style=\"\">Asaad (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/sally-asaad-8a126541\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"\">) and Mohamed Assem (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/mohamed-assem2020\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"font-weight:400;\">), the Cairo-based startup provides remittance-focused financial services for expats and their families. Individuals can buy Balad prepaid cards to complete instant delivery of inward remittances and receive reduced transfer fees.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We don\u2019t have details on the funds yet:<\/span><span style=\"\"> Acasia Ventures declined to provide details as to their <\/span><span style=\"\">investment in Balad or the total raised in the funding round as the information is not yet public. The funds will be used to develop the company\u2019s new remittance platform, integrate it with the company\u2019s banking partner, and hire new recruits, the press release said<\/span><span style=\"\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Acasia has had a busy 2023:<\/span><span style=\"\"> The VC has invested in Dubai-based digital banking platform <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6246ee8d-de33-4a07-8bfe-e642d08e21bf\" style=\"\">Credable<\/a><\/span><span style=\"\">, Nigerian delivery platform <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cbf4f1ec-5a2a-4a5b-9273-2d055efd69a9\" style=\"\">Fez Delivery<\/a><\/span><span style=\"\"> and Athens-based retail apparel swap startup <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7786ef9d-4013-43dc-a3ca-019e94c039db\" style=\"\">Swaplanet<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FYI- Balad was one of seven Egyptian startups <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9de951d6-16c6-406b-9182-75d5f0bbc6bc\" style=\"\">long-listed<\/a><\/span><span style=\"font-weight:700\"> for the VivaTech\u2019s 2023 <\/span><span style=\"font-weight:700\">AfricaTech awards<\/span><span style=\"\">, announced at the end of last month.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The round will fund Balad\u2019s expansion including a new remittance platform and headcount increase.<\/p>\n","protected":false},"author":1,"featured_media":586291,"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":[6801,9137,72,183,2396,95,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-acasia-ventures","tag-balad","tag-enterpriseam","tag-fintech","tag-remittances","tag-startup-watch","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"1cc87db1-9884-42ba-b3cb-d449aa638f35","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/468.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian fintech Balad closes seven-figure USD pre-seed round","related_issue":[586276],"teaser":"The round will fund Balad\u2019s expansion including a new remittance platform and headcount increase.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.6209b370-fb36-4f17-82e6-32c7c55313d6.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Balad closes seven-figure USD pre-seed round led by Acasia Ventures - 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\/2023\/05\/09\/balad-closes-seven-figure-usd-pre-seed-round-led-by-acasia-ventures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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