Egypt’s Xpovi, a robo-advisory startup offering autonomous financial and business planning services, has closed a US$300,000 pre-seed funding round to help it scale.
Founded in May of last year, Xpovi introduces business planning solutions through an interactive, and easy-to-answer questionnaire. The product capitalises on artificial intelligence and machine learning to enable data sorting automation and financial models building.
Xpovi business plans are designed in an Excel format; the construction of which takes place robotically as users submit answers. The business plan includes four detailed sheets – forecast financial statements, assumptions, addressable clientele, and scenario analysis. The deliverables include a user manual, to guide and help users iterate, pivot, and change assumptions as their business circumstances change, effortlessly.
The pre-seed funding comes from a group of strategic angel investors, and will be used to help Xpovi scale more quickly.
“We are grateful for our investors’ early-on belief in Xpovi’s vision and founding team, and the support we received while venturing into a greenfield. The pre-seed round has enabled us to grow our team and launch the first Automated Business Planning web-application. Over the upcoming few months, we plan to upscale Xpovi’s data-automation, artificial intelligence, and user experience. In preparation to offer our services to four million micro, small and medium enterprises operating in Egypt in a feasible and time-efficient manner,” said Mohamed Marei, Xpovi’s CEO.