Egyptian Tech Startup Birdnest Successfully Acquires Pre-Series A Financing
In a significant development for the Egyptian tech industry, Birdnest, a leading proptech company, has secured funding to expand and enhance its operations in Egypt. The funding round was led by Beltone Venture Capital and CI Venture Capital, with additional investors participating but not explicitly named in the available search results.
Founded in 2020 by Mostafa El-Nahawy and Ahmed Fadda, Birdnest offers furnishing services and rental management solutions for real estate investors. The company's vision is to lead and innovate the real estate sector in the MENA region.
Beltone Venture Capital, a firm with a strong foundation in investment banking, believes Birdnest is well-positioned to become the leading proptech company in the region. Ali Mokhtar, CEO of Beltone Venture Capital, expressed enthusiasm for supporting Birdnest, stating that the partnership offers strategic financial infrastructure for Birdnest's growth.
El-Nahawy, Birdnest's CEO, stated that the funding will be used to expand Birdnest's operations beyond Egypt, with plans to expand across major regional markets such as Athens, Dubai, and Riyadh. The funds will also be allocated for technology advancement, hiring additional team members, and launching marketing campaigns.
The exact amount of funding raised by Birdnest remains unknown, but it is expected to help Birdnest maximize earnings for real estate investors and provide value to tenants. Birdnest's leadership team is being supported by Beltone Venture Capital, and the funding exchange resulted in a 20 percent stake in the company.
Birdnest's robust operational performance and innovative approach to the real estate sector have earned it a strong reputation in Egypt. The company aims to significantly increase its local presence and continue to lead the way in proptech innovation in the MENA region.
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