Financing and Strategic Partnerships Boost Growth of Startups in Egypt and the Middle East
In a new development in the Egyptian market, Crzmart, an online platform for buying and selling used cars established in 2023, is seeking to boost its growth by raising $2 million from local and international investors. This step aims to accelerate the company’s growth and increase its sales volume in the market.
In a related context, the Egyptian entrepreneurial scene witnessed a significant cooperative step as the Egyptian Young Entrepreneurs Network (YEN) entered into a strategic partnership with the Saudi Value Maker Studio (VMS), a company specializing in venture capital. This partnership aims to promote innovation and support entrepreneurs in the Middle East and North Africa by providing support to YEN program graduates, offering mentoring and guidance, as well as connecting them with important funding opportunities and providing workspaces in Saudi Arabia to facilitate their business activities.
On another front, Kemet for Financial Technology, specializing in providing infrastructure for trading digital asset derivatives and established in 2022 in New York, is making significant progress by raising $5 million in a new funding round. This round, led by Future Ventures with support from the Abu Dhabi Sovereign Wealth Fund and Mastercard, aims to develop and expand Kimit’s trading and risk management tools, underscoring the growing confidence in the fintech sector.
