Egypt‘s first formal angel investment network; Cairo Angels, has announced its investment in AlMaqarr, a leading co-working space in Egypt. This investment by Cairo Angels in AlMaqarr is the first in the sector. The investment is part of an angel investment round which includes Alex Angels—the first syndicated angel investment between both angel investment networks.
AlMaqarr currently operates three innovative work spaces for start-ups in Egypt; situated at Heliopolis, Downtown, and El Gouna in the Red Sea. This initiative aims to become the leading provider of co-working space in the Middle East and North Africa (MENA) region.
With the new investment, AlMaqarr is now well funded to expand to new locations, enhance its operations, and provide more products and services to its fast-growing customer base.
Aly El Shalakany, chairperson of Cairo Angels, expressed pleasure to have closed the AlMaqarr deal, stressing that they were excited to start working with such a stellar team to take their company to the next level.
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“Adequate infrastructural support for entrepreneurs, start-ups, freelancers, creatives and small and medium sized enterprises (SMEs) remains a problem and AlMaqarr offers a cost-effective and compelling solution that addresses this area,” he added.
Muhammad Nagi; AlMaqarr’s co-founder said they did not need a financial boost, rather a backbone, true believers who can mentor, guide, and direct. He noted that Cairo Angels believe in what they do, and “they see the potential of our business the same way,” whereby he stressed that, “this is the core asset of our partnership.”
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