Egyptian Internet of Things (IoT) and smart metering startup Amjaad has raised a six-figure US dollar pre-Series A funding round to help it expand its product and grow its customer base at home and abroad.
Founded in 2018 by Hussein Darwish, Amjaad has developed ioMeter, a web and mobile based platform for energy management and consumption monitoring purposes.
ioMeter provides customers with access to smart metering solutions to help them monitor electricity, export accurate bills, and manage energy consumption. Users can also use the platform to pay their bills.
Amjaad has now raised funding from the Bahrain-based Dhaman Group, with the startup saying it would use the investment to add more features and payment facilities to the ioMeter system, add water and gas meters, and implement its platform in more compounds and malls in Egypt. Amjaad also has plans to start expanding into other countries.
“The market today is rapidly accelerating towards digital transformation and IoT has become the backbone of many systems around the world. Amjaad is a leading company in this field with a great vision to impact more than 10 million people by 2025 through our smart metering solutions and other IoT systems. This vision leads us to provide the best services to our clients to make their life easy and happy. So we want to thank the trust given to us by our investors, customers, and the great Amjaad team,” Darwish said.
Dr Mahmoud Al Hawary, chief executive officer (CEO) of Dhaman Group, said Amjaad was one of the promising companies in the field of energy management solutions.
“One of my goals of investing in Amjaad is to increase the company market share and impact inside Egypt and to open new horizons and markets outside Egypt, especially the Gulf region,” he said.