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Birdnest, a proptech startup based in Egypt, has raised an undisclosed sum of money to help it penetrate new markets and grow its existing presence in Egypt.
Beltone Venture Capital and CI Venture Capital were among the investors who contributed to the startup’s pre-Series A round of funding.
The sum is unknown, but it was raised in exchange for a 20 percent share in the business, which intends to use the money to grow its tech, hire more quality team members regionally, and launch “aggressive” marketing campaigns.
Mostafa El-Nahawy and Ahmed Fadda founded Birdnest in 2020 to provide cutting-edge furnishing services and rental management solutions that maximize earnings for real estate investors while providing value for tenants.
“This partnership with Beltone Venture Capital, a venture capital firm with deep roots in investment banking, provides us with more than just capital. It equips us with the strategic financial infrastructure essential for our next phase of growth,” El-Nahawy said.
Ali Mokhtar, CEO of Beltone Venture Capital, said he was excited to support Birdnest and its leadership team to achieve their vision to lead and innovate the real estate sector in the MENA region.
“Birdnest has demonstrated strong operational performance, and with its ambitious expansion plans, it is well-positioned to become the leading proptech company in the region,” Beltone said.
By strategically allocating the cash, Birdnest is expected to grow its operations throughout major regional markets, such as Athens, Dubai, and Riyadh, and considerably increase its local presence in Egypt.
Read more on Tech Gist Africa:
OneOrder, an Egyptian startup, has secured $16 million in a Series A funding round
MNZL, an Egyptian fintech startup, has raised $3.5 million in a seed round
Swypex, Egypt’s all-in-one financial management platform, has raised $4 million in seed funding
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