{"id":589178,"date":"2023-06-22T00:00:00","date_gmt":"2023-06-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/islamic-fintech-platform-closes-usd-seven-figure-pre-seed-round\/"},"modified":"2023-06-22T00:00:00","modified_gmt":"2023-06-22T00:00:00","slug":"islamic-fintech-platform-closes-usd-seven-figure-pre-seed-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/islamic-fintech-platform-closes-usd-seven-figure-pre-seed-round\/","title":{"rendered":"Islamic fintech platform closes USD seven-figure pre-seed round"},"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\">Agel closes seven-figure pre-seed round: <\/span><span style=\"\">Islamic fintech platform <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.agel.io\/\" style=\"\">Agel<\/a><\/span><span style=\"\"> raise<\/span><span style=\"\">d seven <\/span><span>figures USD <\/span><span>in funding in a pre-seed investment round led by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/plus.vc\/\" style=\"\">Plus Venture Capital<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.seedstars.com\/funds\/international\/\" style=\"\">Seedstars International Ventures<\/a><\/span><span>, and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.flat6labs.com\/\" style=\"\">Flat6Labs<\/a><\/span><span>, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/1120.pdf\" style=\"\">a press release (pdf)<\/a><\/span><span> yesterday. The round also saw participation from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/seedra.com\/\" style=\"\">Seedra Ventures<\/a><\/span><span style=\"font-weight:400;\">, Banque Misr, and a number of angel investors. <\/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\">About Agel: <\/span><span style=\"\">Founded in 2021 by Abdelrahman Saeed (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/abdetta\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"\">) and Ahmed El Sherbiny (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/ahmed-el-sherbiny-72b39814a\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"font-weight:400;\">), Agel brands itself as the country\u2019s \u201cfirst Islamic invoice financing platform,\u201d offering sharia-compliant alternative financing options to MSMEs. The startup offers merchants financing as well as allowing them to sell on-credit and through the Agel application. <\/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\">Where the money\u2019s going: <\/span><span style=\"font-weight:400;\">Agel will use the funds to \u201cgrow into a licensed non-banking financial institution,\u201d develop its product, and expand into \u201cmajor Egyptian cities.\u201d With the newly-acquired funds, the company will also launch its \u201cmerchant co-branded banking card service\u201d in collaboration with Abu Dhabi Islamic Bank.<\/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\">What they said: <\/span><span style=\"\">\u201cOur unique approach to finance for MSMEs has witnessed a significant increase in demand for our services,\u201d El Sherbiny said in the statement. \u201cAs we deepen our product capabilities, we are confident in introducing several more easy and convenient payment options to satisfy our clients.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The round was led by Plus Venture Capital, Seedstars International Ventures, and Flat6Labs<\/p>\n","protected":false},"author":1,"featured_media":589179,"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":[10720,72,503,183,2337,595,95,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-agel","tag-enterpriseam","tag-financial-services","tag-fintech","tag-islamic-finance","tag-non-banking-financial-services","tag-startup-watch","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"1351a581-9199-4554-a9ef-02ace7aae309","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1121.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian Islamic fintech platform Agel closes pre-seed round","related_issue":[589160],"teaser":"The round was led by Plus Venture Capital, Seedstars International Ventures, and Flat6Labs","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.bd87055a-6755-49a4-82a5-466ffa5165db.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The company had previously raised USD 400k in seed funding in 2019.About Raseedi: The telecom app launched\u2026","rel":"","context":"In &quot;Startup watch&quot;","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":549743,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/28\/proptech-startup-partment-secures-usd-1-5-mn-in-pre-seed-round\/","url_meta":{"origin":589178,"position":3},"title":"Proptech startup Partment secures USD 1.5 mn in pre-seed round","author":"enterpriseam admin","date":"28 September 2022","format":false,"excerpt":"Proptech startup Partment secured USD 1.5 mn in a pre-seed round led by Nclude Fintech Innovation Fund and Plus Venture Capital and with the participation of a group of angel investors, the startup said in a statement(pdf). Partment helps people co-own second homes: Launched earlier this year by Nadim Nagui\u2026","rel":"","context":"In &quot;Startup watch&quot;","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\/9\/412.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545029,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/intella-closes-usd-1-mn-seed-round-online-grocer-on-market-raises-usd-215k\/","url_meta":{"origin":589178,"position":4},"title":"Intella closes USD 1 mn seed round + online grocer ON Market raises USD 215k","author":"enterpriseam admin","date":"31 March 2022","format":false,"excerpt":"Cairo-based market research firm Intella has secured USD 1 mn in a seed funding round led by Hala Ventures, with participation from Falak Startups, the International Cooperation Ministry\u2019s venture capital arm, Egypt Ventures, and a number of angel investors, according to a statement(pdf). The startup bills itself as the region\u2019s\u2026","rel":"","context":"In &quot;Startup watch&quot;","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\/3\/715.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566173,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/zvendo-closes-seven-figure-pre-series-a\/","url_meta":{"origin":589178,"position":5},"title":"zVendo closes seven-figure pre-series \u201cA\u201d","author":"enterpriseam admin","date":"1 June 2021","format":false,"excerpt":"Egyptian e-commerce platform zVendo has raised a seven-figure USD pre-series \u201cA\u201d round with participation from local manufacturer Mobica as well as Gratus Holding, a vehicle owned in part by Bishoy Azmy, the CEO of Dubai-based ASGC Construction. The e-commerce SaaS solutions provider bills itself as a platform that lets \u201cretailers\u2026","rel":"","context":"In &quot;SPEED ROUND: STARTUP WATCH&quot;","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\/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\/589178","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=589178"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/589178\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/589160"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/589179"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=589178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=589178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=589178"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=589178"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=589178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}