COREangels MEA, in collaboration with PTS Holdings and the Arab Academy for Science, Technology and Maritime Transport (AAST), has introduced a $10 million investment fund aimed at supporting early-stage technology startups across the Middle East and Africa (MEA).
The fund focuses on startups that align with the United Nations Sustainable Development Goals (SDGs), particularly in the fintech sector. The announcement was made during COREangels MEA’s fifth Investment Committee meeting held in Cairo, Egypt. The three-day event brought together global angel investors, regional partners, and local entrepreneurs to discuss investment opportunities and support mechanisms for startups in the region.
Out of more than 1,000 applications, five fintech startups were selected to receive up to $150,000 each in funding, along with tailored operational and advisory support from Kemtix Ventures, the innovation arm of PTS Holdings. The selected startups include:
-
eMaisha Pay (Uganda): Provides financial tools such as savings accounts, crop insurance, and microloans tailored for smallholder farmers.
-
RentBeta (East Africa): Offers flexible rent payment solutions and automates landlord collection systems.
-
Aqua Offers (Egypt): Provides an intelligent, performance-based solution for loyalty programs and instant savings.
-
Monak (MENA): Offers bundled financial, health, and insurance services through a single platform for migrant communities.
-
Reeple (Nigeria): Simplifies international payments for African freelancers and remote workers.
The event also marked the signing of a memorandum of understanding between PTS Holdings and AAST to enhance institutional support for early-stage innovators. This partnership aims to provide a robust ecosystem for startups, combining capital investment with operational and advisory support to facilitate growth and scalability.
Maha Mandour, Chairperson of PTS Holdings and Co-Founder of COREangels MEA, emphasized the fund’s commitment to building comprehensive ecosystems for startups. She stated, “We don’t just inject funds – we believe in building comprehensive ecosystems. COREangels MEA brings capital, capability, and community support to the region’s most promising founders.”
The fund’s focus on fintech innovations such as embedded finance, digital payments, inclusive lending, and financial access infrastructure is aligned with the projected growth of the fintech sector in MEA, which is expected to surpass $100 billion by 2028
Read more on Tech Gist Africa:
EIB Global, Family Bank Launch $111 Million Financing to Empower Women & Youth Entrepreneurs
Investing in Innovation Africa (i3) Selects 7 Startups for 3rd Cohort
12 Kenyan Startups selected for the 3rd Mastercard Foundation EdTech Fellowship
