TechCabal Daily – Egypt’s largest startup raise is worth $120m 💰

EGYPT’S MNT-HALAN RAISES $120 MILLION TO EXPAND GLOBALLY

Egyptian startups are having a really good year. 

In the first quarter of the year, 34 startups succeeded in raising $22 million – twice the amount raised in the last quarter of 2020. Months later, in Q3, the startups have surpassed the $190 million raised last year, accounting for at least 26% of the $1.2 billion funding received from the Middle East & North Africa (MENA) region. 

Some of the biggest deals include Paymob’s $18m Series A, Trella’s $42 million Series A funding, and MaxAB’s $55 million Series A. 

Now, MNT-Halan has surpassed them all with its recent $120 million raise, the largest raise by an Egyptian tech startup. MNT-Halan is a Cairo-based fintech startup digitizing traditional banking and cash-based markets.

A mix of fintech and e-hailing

MNT-Halan is a bit unique.

It was founded in 2017 as a two-and three-wheeler ride-hailing app, Halan. It then transformed into a super app and offered a wider range of services to its users. By 2018 it added a fintech product — now MNT-Halan — to offer banking services for the unbanked in Egypt and neighboring countries. 

Presently, the startup’s technology connects customers, vendors, and micro-enterprises through its consumer-facing app, merchant app, distributed lending and payment processing software, and payment solutions. It also offers ride-hailing and logistics services.

It serves more than four million customers in Egypt. With around a million monthly active users, the company has disbursed more than US$1.7 billion in loans. 

Damilare Dosunmu has more about the raise in Egyptian Fintech MNT-Halan secures $120m for global expansion

CAN FACEBOOK READ YOUR WHATSAPP MESSAGES?

The billionaires funding anti-aging biotech

In many ways, e-commerce tycoon, Jeff Bezos, has conquered this age and time. He founded one of the most successful companies, Amazon, and he’s been to space (even if it’s just for a few minutes). 

Now, he just might be looking for a way to conquer the next age too as he’s investing in a startup that wants to prolong life. 

Altos Labs is a silicon valley startup that’s exploring reprogramming tech, a process that can be used to rejuvenate cells and potentially treat effects related to aging like vision loss, or bone degradation. 

Bezos isn’t the only billionaire backing Altos Labs. Yuri Milner, the Israeli-Russian tech billionaire and founder of the $3 million Breakthrough Prizes for scientific advancements, is also supporting Altos’ search for a technological fountain of youth. 

What’s with billionaires and living forever?

It’s not just billionaires who want to live forever. 

I too want to be around for a while, at least until we discover extraterrestrial life forms or till when George R.R Martin finally releases the last two books for the Game of Thrones series. 

For Bezos, this isn’t the first time he’s looking for a fountain of youth. In 2018, he also invested in Unity Biotechnology, a startup that focused on designing drugs and treatments that reduce or eliminate the effects of aging. 

While investing in this type of tech promises the potential of having much more time on earth, there’s also, more likely, the potential for payday, and that’s the more likely reason billionaires are investing. 

The market for drugs that relieve age-related diseases is growing. Osteoarthritis, a painful inflammation of the joints which causes them to stiffen up, will have a $2.6 billion market by 2026, and this disease is the first on Unity Biotechnology’s list. So far, Unity has raised a whopping $210.6m to help fund this avenue.

The total market for anti-aging medicine is valued to hit $124 million by the end of 2023 and the compound annual growth rate (CAGR) will keep growing as more options are explored.

Zoom out: Anti-aging drugs have a bad rep and it’s for good reason. Over the years, many people have been duped by brands who prey on our fears of growing old. Even though there have been successful experiments to help extend the lifespans of small organisms, replicating that success for human beings or primates is proving difficult so far. 

Eventually, there might just be a breakthrough through biotech but it could take a long time and time is definitely something we don’t have. What do you think?

EVENTS: PITCH YOUR NEXT PARTNERSHIP AT THE #FUTUREOFCOMMERCE

On the 24th of September, you’ll not only be listening to business leaders and top executives globally, but you could also get a chance to, wait for it…. pitch at one of our breakout sessions! 

What are these pitch sessions and why should you care?

The pitch sessions are a chance for startups building innovative products in e-commerce, payments, logistics, and SaaS sectors to pitch to investors (investment pitch session) and corporate partners (partnership pitch session).

Why should you register for the partnership pitch session?

Startups that participate in the partnership pitch session will get a chance to:

• Potentially secure partnerships from some of the biggest companies on and off the continent. 

• Meet with potential partners that they can connect with in the future to advance their operations.

• Learn about some of the pitfalls to avoid when pitching partnerships to large companies

Want to be a part of this session? Register here for a chance to participate. To attend as a corporate organization, click here.

If you haven’t registered for the Future of Commerce yet, you’d better book a slot now.

The Future of Commerce is brought to you in partnership with DAI Magister and Paystack and is sponsored by Doroki, Chipper Cash, Klasha, VerifyMe, and GIG Logistics.

CHAMS WANTS TO PRoVIDE YOU WITH INNOVATIVE DIGITAL SOLUTIONS

Ever heard of Chams?

What’s the first thing that comes to mind when you do?

In case you haven’t heard, Chams is a technology-driven company creating human possibilities through its products. Although Chams is well known for having championed identity management and other major initiatives in Nigeria, including BVN and INEC projects over the years, Chams Plc has migrated into delivering fintech and other innovative digital solutions.

Find out more about Chams here and take this short survey to help refresh the brand to serve you better!

What else we’re reading

ENJOYED THIS? THEN SHARE #TCDAILY