{"id":654179,"date":"2024-10-29T00:00:00","date_gmt":"2024-10-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/29\/ksas-edafa-venture-capital-acquires-strategic-stake-in-egypts-taskedin\/"},"modified":"2024-10-29T00:00:00","modified_gmt":"2024-10-29T00:00:00","slug":"ksas-edafa-venture-capital-acquires-strategic-stake-in-egypts-taskedin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/29\/ksas-edafa-venture-capital-acquires-strategic-stake-in-egypts-taskedin\/","title":{"rendered":"KSA\u2019s Edafa Venture Capital acquires strategic stake in Egypt\u2019s Taskedin"},"content":{"rendered":"

GCC VCs still have an appetite for Egy<\/strong>ptian startups: <\/strong>Egyptian task management and digital workspace startup Taskedin<\/a> sold a \u201cstrategic stake\u201d to Saudi VC firm Edafa Venture Capital<\/a> in a USD seven-figure transaction, the firm announced<\/a>. Details about the size and the exact cost of the stake are yet to emerge.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Slack, but make it Egyptian: <\/strong>The tech startup offers a digital workspace and task management platform through an app that promises to help keep down costs and push up productivity. The app offers virtual meetings, attendance tracking, payment transfer services, AI chatbots, collaborative checklists, project organization, and more. You can check out the rundown of services offered by the startups on its YouTube channel (watch, runtime: 8:38<\/a>).<\/p>\n

The app also has one feature that makes it particularly attractive in the region: <\/strong>Unlike its big international competitors, Taskedin has the option of having its application be in either Arabic or English \u2014 potentially filling an important gap in the market.<\/p>\n

What\u2019s the money for? <\/strong>The fresh funds will help Taskein expand into the GCC \u2014 with a particular focus on Saudi Arabia \u2014 and to other countries further afield, according to the VC<\/p>\n

More Egyptian-bound investment from Edafa in the pipeline? <\/strong>Edafa described the acquisition as part of its plan to expand in the Egyptian market. Edafa wants to invest some SAR 50 mn in Egypt in 2025, through the purchase of stakes between 10-60% in 25 tech startups, Edafa CEO Essam Ali told Al Borsa<\/a>. The VC will also be providing the startups with technical support, helping them expand. <\/p>\n

The firm also signaled its intention to expand elsewhere<\/strong> in the region, with plans to open branches in Bahrain, Kenya, and Qatar.<\/p>\n","protected":false},"excerpt":{"rendered":"

The fresh funds will help the startup expand in the Gulf and beyond<\/p>\n","protected":false},"author":1,"featured_media":654180,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[72,95,123,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-startup-watch","tag-startups","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"158f5ffa-a168-4496-ae9d-95666819d424","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1258.jpg","photo_position":"above","homepage_title":"","full_issue_title":"KSA\u2019s Edafa Venture Capital acquires strategic stake in Egypt\u2019s Taskedin","related_issue":[654168],"teaser":"The fresh funds will help the startup expand in the Gulf and beyond","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.fa2f246a-99ce-4b3b-8acf-0f5f244f2459.mp3"},"yoast_head":"\nKSA\u2019s Edafa Venture Capital acquires strategic stake in Egypt\u2019s Taskedin - 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COLNN provides services such as an \u201cintegrated mobile app\u201d that connects students, teachers, and parents\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":577306,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/modus-capital-could-invest-in-egyptian-ai-blockchain-startups-with-new-usd-75-mn-fund\/","url_meta":{"origin":654179,"position":3},"title":"Modus Capital could invest in Egyptian AI, blockchain startups with new USD 75 mn fund","author":"enterpriseam admin","date":"17 November 2022","format":false,"excerpt":"Modus\u2019 new fund eyes African tech startups \u2014 including here: MENA-focused venture capital firm Modus Capital has launched a fresh USD 75 mn fund, dubbed Modus Africa, that will target early-stage African startups, it said (pdf) on Tuesday. The fund will invest in companies that use AI and blockchain technology\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\/11\/275.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589381,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/26\/saudi-venture-studio-buys-into-egypts-cashcows\/","url_meta":{"origin":654179,"position":4},"title":"Saudi venture studio buys into Egypt\u2019s Cashcows","author":"enterpriseam admin","date":"26 June 2023","format":false,"excerpt":"Cashcows is eyeing a USD 10 mn fund to support Egyptian, Saudi startups","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\/6\/1251.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548100,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/26\/allianz-to-hold-40-stake-in-jv-with-sanlam\/","url_meta":{"origin":654179,"position":5},"title":"Allianz to hold 40% stake in JV with Sanlam","author":"enterpriseam admin","date":"26 July 2022","format":false,"excerpt":"Allianz will hold a 40% stake in its new joint venture with South Africa\u2019s Sanlam, an official at Allianz told Enterprise yesterday, confirming a report by Al Shorouk. 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