Egyptian angel investment networks Cairo Angels and Alex Angels have announced their first syndicated investment, in co-working space provider AlMaqarr, enabling it to expand to new locations.
Founded in 2013, AlMaqarr currently operates three innovative work spaces for startups around Egypt, and aims to become the leading co-working provider in the Middle East and North Africa (MENA) region.
The investment round means AlMaqarr is now well capitalised to expand to new locations, enhance its operations and provide more products and services to its growing base of customers.
“We didn’t only need a financial boost, but rather a backbone; true believers who can mentor, guide, and direct. Cairo Angels believes in what we do and they see the potential of our business the same way we do. This is the core asset of our partnership,” says Muhammad Nagi, co-founder and chief executive officer (CEO) of AlMaqarr.
The deal marks Cairo Angels’ first investment in this sector; and is the first syndicated angel investment between both angel investment networks.
“We are very pleased to have closed the AlMaqarr deal and we are 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 SMEs remains a problem and AlMaqarr offers a cost-effective and compelling solution that addresses this area,” says Aly El Shalakany, chairman of Cairo Angels.