Saudi-based Edafa Venture Capital took a strategic stake in corporate solutions app TaskedIn in a USD multi-mn transaction, it said in a statement. Edafa did not disclose exact figures on the value of the transaction or the size of the stake it has acquired in Taskedin.

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Use of proceeds: The capital is earmarked for accelerating TaskedIn’s expansion in Saudi, the GCC, and external markets.

Edafa is going regional: The acquisition comes as part of the Saudi VC’s push into the Egyptian market, where TaskedIn is based. Edafa is also lining up new branches in Bahrain and Qatar in an effort to back regional startups.

Meet TaskedIn: The Egypt-born digital workspace platform provides integrated solutions for task management, human resources, payroll, attendance and departure tracking, while also supplying tools for virtual meetings. Taskedin looks to replace traditional channels for communication including emails and Whatsapp and is claimed to cut operating costs by up to 30%.

IN OTHER STARTUP NEWS-

Edafa Venture Capital also nabbed a 25% stake in Cairo-based edtech Bonyan for an undisclosed sum, Waya reports. The investment will enable Bonyan’s to expand its educational programs, which leverage interactive tools to teach programming and computing skills to children.

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