Latest news with #AhmedTarek
Daily News Egypt
24-05-2025
- Business
- Daily News Egypt
CIB partners with Lantern Ventures to boost SME growth
The Commercial International Bank (CIB) has entered into a strategic partnership with Lantern Ventures, a leading Egyptian investment portfolio management firm known for its active role in supporting start-ups and small and medium-sized enterprises (SMEs) across diverse sectors. The agreement was signed by Ahmed Tarek, Co-founder of Lantern Ventures, and Yasser Abdallah, Executive Vice President of Retail Banking and SMEs at CIB. The signing ceremony was attended by Mohamed Farouk, Chairperson of Lantern Ventures; Amr El-Ganainy, Executive Vice President and Executive Board Member at CIB; and Hany El-Deeb, Head of Medium and Small Enterprise Credit Products, Sectors, and Relations at CIB. This partnership aligns with CIB's long-term strategy to strengthen the SME sector by offering both financial and non-financial services tailored to the specific needs of these businesses. The collaboration also emphasizes supporting companies that create positive societal and environmental impact. Lantern Ventures provides a range of financial and strategic services to help start-ups scale efficiently and sustainably. The firm is dedicated to advancing local entrepreneurship, empowering business founders, and helping them overcome expansion challenges—especially in navigating new markets. Lantern also plays a key role in fostering Egypt's innovation and tech ecosystem. One of Lantern's signature initiatives is its involvement with 'Shark Tank Egypt,' through which it supports entrepreneurs in refining their strategies and building the operational capacity required to thrive in competitive markets. El-Ganainy emphasized that the partnership underscores CIB's dedication to advancing SME growth through customized banking solutions. 'This collaboration reflects our commitment to providing the financial tools and resources SMEs need to compete and grow in today's dynamic economic environment,' he said. Yasser Abdallah added that SMEs are a vital engine for Egypt's economic development. 'Through this partnership, we aim to accelerate long-term, sustainable growth by delivering both financial and strategic support to Egypt's entrepreneurs,' he noted. Ahmed Tarek, Co-founder of Lantern Ventures, described the agreement as a major milestone in the company's mission to empower SMEs. 'We are committed to supporting entrepreneurs at every stage of their journey. This partnership significantly strengthens our ability to help them grow and succeed,' he said. Mohamed Farouk, Chairperson of Lantern Ventures, highlighted that Lantern's role goes beyond investment. 'We serve as a gateway for start-ups and SMEs to access credit financing under competitive and flexible terms. This is crucial to ensuring the sustainability and growth of our portfolio companies,' he said.
Daily News Egypt
30-01-2025
- Business
- Daily News Egypt
Egyptian Startup Hoods Secures EGP 5 Million Investment from Shark Tank
Egyptian e-commerce startup Hoods has secured a EGP 5 million investment from businessman Ahmed Tarek and entrepreneur Mona Ataya during its appearance on Shark Tank Egypt. The funding includes EGP 3.75 million in exchange for a 15% equity stake and an EGP 1.25 million interest-free loan for six months. Founded by Mostafa Hanafy, Hoods is pioneering the Live Shopping concept, a rapidly growing e-commerce trend that allows consumers to purchase products instantly while watching live-streamed content. This model combines entertainment and commerce, transforming the way consumers interact with online shopping. “We are not just building a platform for selling; we are shaping the future of e-commerce,†said Hanafy. “Consumers today want an engaging and interactive shopping experience, and Hoods bridges the gap between content creation and seamless transactions.†Hoods enables sellers and content creators to set up their own live shopping channels in just two minutes, offering a hassle-free alternative to social media platforms that lack built-in e-commerce tools. The platform eliminates the need for sellers to manage separate websites, payment gateways, and shipping services. Since its launch 14 months ago, Hoods has attracted 150,000 users, processed 20,000 successful orders, and generated EGP 30 million in sales, all while keeping marketing costs low. With ambitious plans for regional expansion, the startup aims to become the largest Live Shopping platform in the Middle East by 2026, introducing AI-driven shopping tools and new monetization models to enhance user experience and revenue generation.
