Cairo Angels, a global network of angel investors focused on supporting startup opportunities in Egypt, the Middle East and Africa, announced its investment in AlMaqarr. The deal represents the third investment by Cairo Angels in 2018.
Muhammad Nagi, Sherif Ashraf, and Abdelqader Khaled co-founded AlMaqarr in 2013 with the objective to be the leading provider of innovative work spaces for start-ups in Egypt and the Middle East and North Africa (MENA) region. AlMaqarr is the owner and manager of a network of co-working spaces providing entrepreneurs and startups in the MENA region with a collaborative community and equipped spaces to promote their growth and development. AlMaqarr currently operates in three locations across Egypt: Heliopolis, Downtown, and El Gouna in the Red Sea.
The investment in AlMaqarr is the first investment by Cairo Angels in this sector. The investment is part of an angel investment round that also includes Alex Angels—the first syndicated angel investment between both angel investment networks.
AlMaqarr is now well capitalised 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, saying they were excited to start working with such a stellar team to take this company to the next level.
“Adequate infrastructural support for entrepreneurs, startups, 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.
Nagi said they did not only need a financial boost, but 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.”