Latest from Wamda
Wamda
a day ago
- Business
- Wamda
Entlaq launches national report on Egypt's cleantech and energy future
Press release: In a strategic move that underscores Egypt's commitment to a sustainable green economy, Entlaq for Strategic Consulting and Research, in collaboration with the Ministerial Group for Entrepreneurship and the Ministry of Planning, Economic Development, and International Cooperation, has launched a landmark national report titled ' Cleantech and Energy in Egypt 2025: Between Climate Imperatives and Economic Opportunities'. This report presents the first comprehensive diagnostic of Egypt's cleantech ecosystem through a political, regulatory, and market lens. It comes at a critical juncture as the global cleantech sector—spanning renewable energy, smart water solutions, energy efficiency, and climate-resilient innovation—becomes one of the most competitive and strategically financed sectors worldwide. In 2024 alone, infrastructure finance across the Middle East and Africa reached USD 152.3 billion, with clean energy investments accounting for over $21.5 billion. Countries in the region are rapidly scaling their cleantech ecosystems through targeted regulation, capital mobilisation, and innovation hubs—making it imperative for Egypt to move quickly, not just to catch up, but to lead. Domestically, climate-related vulnerabilities intersect with structural challenges such as water scarcity, industrial energy inefficiency, and rising employment pressures, resulting in additional socioeconomic burdens. Yet Egypt holds unique, underutilised advantages: a strong STEM talent pool, one of the largest renewable energy potentials in the region, a high-potential startup ecosystem, and a strategic geographic location connecting Africa, Europe, and the Gulf. The report focuses on two strategic domains: EnergyTech—including renewable energy, smart grids, energy storage, and green hydrogen—and WaterTech—including greywater reuse, desalination, and digital water management. It draws on a robust methodology that includes high-level roundtables with government, the private sector, and startups, as well as extensive secondary data analysis and targeted field research, including interviews and surveys. The report identifies five cross-cutting structural barriers hindering the growth of cleantech in Egypt. First, regulatory fragmentation limits startup growth, with challenges in licensing, delayed industrial registration, and unclear net metering policies—particularly when benchmarked against countries like Saudi Arabia, Morocco, and India. Second, green finance remains limited and unevenly distributed, with Egypt receiving less than 17% of Africa's climate venture capital in 2024. Third, there are infrastructure gaps, including limited access to testing labs, grid integration facilities, and cleantech-ready industrial zones, in contrast with global models like India's Clean Energy Centres and the EU's InnoEnergy Highway. Fourth, adoption of cleantech solutions remains low among both consumers and public institutions due to limited awareness, lack of incentives, and underdeveloped promotion programmes. Finally, while Egypt possesses clear comparative advantages, activating them will require integrated reforms across policy, regulation, finance, infrastructure, and talent development. The report outlines an ambitious vision to position Egypt as a regional hub for green innovation. It calls for the enactment of a dedicated cleantech startup law, the introduction of financial incentives for energy and water innovation, and reforms in public procurement policies to stimulate technology adoption. It also emphasises the need to channel capital toward women-led and gender-diverse ventures and to align Egypt's national strategies with global best practices, adapted to local realities. To realise this vision, the report urges the formation of a multi-stakeholder national and regional coalition that brings together the public and private sectors, academia, and civil society to accelerate Egypt's green industrial transformation and fulfil its sustainable development goals.
Wamda
a day ago
- Business
- Wamda
UAE femtech Ovasave secures $1.2 million to expand in Saudi, GCC
UAE-based femtech startup Ovasave, backed by Abu Dhabi's Hub71, has raised $1.2 million in pre-seed funding from regional and international investors. The round was led by PlusVC, Annex Investments, and 25 Madison, with participation from strategic angel investors and family offices in the UAE and Saudi Arabia. Founded in 2023 by Majd Abu Zant and Torkia Mahloul, Ovasave offers a digital-first platform for fertility and hormonal health, combining at-home hormone testing, virtual consultations, personalised supplement protocols, and egg freezing support. The company also partners with corporates to integrate fertility and hormone care into employee wellbeing benefits. The $1.2 million raise will fuel Ovasave's expansion into Saudi Arabia and across the GCC, support scaling of corporate partnerships, and fund the next phase of its mobile app. Press release: Ovasave, a Hub71 FemTech startup focused on fertility and hormonal health, has successfully completed its pre-seed round, raising $1.2 million from a mix of regional and international investors. The round was led by PlusVC, Annex Investments, and New York-based 25 Madison, with additional backing from UAE and Saudi-based strategic angel investors and prominent family offices. This reflects the strong investors' confidence and growing demand for innovation in women's health across the region. Founded in 2023, Ovasave offers women a seamless, digital-first experience for fertility testing, egg freezing, hormone management, and menopause care. The platform combines at-home hormone testing, virtual consultations, personalised supplement protocols, and access to top fertility clinics for fertility preservation (egg freezing). Positioned as disruptors in fertility and women's hormonal health, Ovasave has also established a growing corporate benefits scheme that helps organisations support employees' reproductive health as part of their workplace wellbeing programmes. The $1.2m capital raised will be used to support regional expansion across the GCC, scale corporate partnerships, and launch the next phase of Ovasave's mobile app, which will include menstrual cycle tracking, symptom monitoring, access to care, and AI-driven treatment protocols. Ovasave will also address a historically overlooked stage of women's health, offering a broader range of services targeting perimenopause and menopause. The raise comes as the UAE accelerates national reforms in healthcare and women's rights, offering a timely window for FemTech innovation. Ovasave is registered with the Department of Health – Abu Dhabi and supported by Abu Dhabi's global tech ecosystem, Hub71, further aligning it with the nation's broader digital and preventive health strategies. Majd Abu Zant, Co-founder of Ovasave and global leader in fertility and women's healthcare, said, 'Abu Dhabi's focus on innovation, healthcare, and entrepreneurship has created a competitive environment for founders and investors alike. As an Abu Dhabi-based startup supported by Hub71, Ovasave has benefited from a strong regulatory framework, access to capital, and proximity to regional decision-makers. It's the right environment to build and scale high-impact ventures, and from here, we are expanding into Saudi Arabia and the wider MENA region.' A recent report by FemTech Analytics (FTA) revealed that the FemTech market in the MENA region is projected to reach $3.8 billion by 2031, growing at a CAGR of 15% during the forecast period from 2021 to 2031. (source: FTA Study, 2021) 'Overall, FemTech in the UAE is still in its early stages, but the momentum is clear. With increasing investor interest and a strong national focus on women's health and innovation, the UAE is emerging as a regional hub for the growth of this sector,' Abu Zant added. Torkia Mahloul, Co-founder and CEO of Ovasave, said, "There is a critical need for timely intervention in women's health, particularly around fertility and hormonal health. This funding marks a crucial step in our mission to disrupt women's health and expand access to fertility and hormonal care across the region. We are grateful for the confidence shown by our investors, which allows us to scale a platform designed to deliver timely, personalised, and accessible fertility and hormonal care. By bringing together medical expertise, digital convenience, and emotional support, we are helping women take control of their health earlier and more effectively across different life stages.' Built with a clear purpose, Ovasave is shifting women's care from reactive to proactive. Its solutions are designed to reduce costs, improve outcomes, and make it easier for women to access support in an area that has long been considered taboo and under-discussed. Moreover, Ovasave has embedded public education into its core mission, organising awareness events and expert talks and collaborating with physicians to normalise fertility conversations. One of its standout initiatives was the 'Fertility Your Way' campaign with Merck Gulf, offering free AMH screenings across the UAE. More than 500 women were screened during the campaign. The startup also partnered with leading employers including Aldar, Boston Consulting Group, and WeWork to raise awareness of fertility in the workplace. Through these efforts, Ovasave is helping shift the narrative on reproductive health across the region. "With investor confidence and strong market demand, the conversation around women's health is changing, signalling that fertility and hormonal care are no longer peripheral issues. Women's health is now a priority for innovation and investment in the Middle East, and we are proud to be leading that change,' Mahloul concluded. Ovasave's fundraising comes amid growing investor interest in women's health and fertility innovation across the MENA region. With a $1.2M pre-seed round now closed, Ovasave is expanding operations to Saudi Arabia this summer, with broader regional growth across MENA being part of their 3-year expansion strategy.
Wamda
2 days ago
- Business
- Wamda
Tactful AI founders reacquire company from Dstny
Tactful AI, the Egypt-born AI startup for customer experience (CX) management, has been reacquired by its original founders Mohamed El-Masry and Mohammed Hassan, following a decision to separate from Belgian business communications firm Dstny, which had acquired the company in 2022. The move marks a new growth phase focused on regional and international expansion, with a particular focus on Saudi Arabia, the UAE, and Western Europe. Founded in 2016, the platform enables enterprises to manage 100% of digital customer interactions in real time and has been shown to boost digital revenues by 15–35% within months of deployment. Press release: Tactful AI, the Egypt-born startup specialising in AI-powered customer experience solutions, has announced a new chapter in its journey after its founders, Mohamed El-Masry & Mohammed Hassan, reacquired full ownership of the company. In 2022, the company was acquired by Dstny, a leading European provider of business communication tools. The acquisition was part of Dstny's strategy to expand into AI-powered CX. However, following a strategic decision, El-Masry has now reacquired the company, positioning Tactful AI to pursue an independent growth path with renewed focus on regional and international expansion — starting in the Middle East (particularly Saudi Arabia and the UAE) and extending into the UK and Western Europe. Over the past three years, Tactful AI has invested more than $5 million to develop its proprietary AI technology — culminating in the launch of what is considered the first Egyptian-developed AI product tailored specifically for customer experience (CX) management. the platform is already being deployed in key markets in the Middle East and Europe, helping enterprises in retail, e-commerce, hospitality, and finance deliver smarter, faster, and more personalised customer interactions. "We're proud to lead from Egypt and prove that globally competitive AI technology can be built in the region," said Mohamed El-Masry, Co-Founder and CEO of Tactful AI. "We have a bold vision for the next phase — to double down on innovation, expand into new markets, and support organisations as they modernise their customer engagement strategies." Tactful AI's platform enables businesses to manage 100% of customer interactions in real time across all digital channels while significantly improving the productivity of customer service teams through smart automation. The platform has demonstrated measurable impact — increasing digital revenue by 15–35% within just a few months of deployment by enhancing customer engagement and conversion. With over a decade of CX and AI expertise, Tactful AI serves a wide range of sectors, including telecom, hospitality, retail, and the public sector. Its client portfolio includes top brands such as Fairmont, Address Hotels, El Araby Group, 2B, Lazurde, and Erada Microfinance. Combining no-code flexibility with intelligent real-time analytics, the platform allows customer-facing teams to manage thousands of conversations seamlessly while empowering decision-makers with actionable insights. Tactful AI positions itself as a powerful regional alternative to global solutions such as Genesys, Zendesk, Freshdesk, and Intercom. With development centres in Cairo and Cambridge, Tactful AI is committed to local innovation with global standards. The company is actively investing in research and development to enhance its AI capabilities and maintain a competitive edge in international markets. "We are not just building software — we are redefining how customer experience is delivered across the Arab region," El-Masry added. "This reacquisition marks a turning point for Tactful AI, and we're just getting started."
Wamda
3 days ago
- Business
- Wamda
Wittify.ai secures $1.5 million pre‑seed to upscale Arabic conversational AI
Saudi Arabia-based conversational AI startup has raised $1.5 million in a pre-seed round from a syndicate of prominent Saudi angel investors. Founded in 2025 by Nader El-Batrawi and Sarah AlHumoud, enables businesses to deploy AI-powered voice, chat, and omnichannel assistants that support more than 25 Arabic dialects. Its no-code platform integrates with websites, social media, CRMs, and call centres, offering plug-and-play AI with native speech tech. The startup will use the funding to accelerate product development, grow its engineering and product teams, and expand go-to-market efforts across MENA and GCC. Wittify is backed by three major accelerators: inspireU by stc, Misk x Plug and Play, and TikTok x Blossom Accelerator. Press release: the Riyadh-based startup building the world's most advanced Arabic-first conversational AI platform, today announced the successful closing of its $1.5 million pre-seed funding round. The investment comes from a syndicate of prominent angel investors and business leaders from Saudi Arabia, marking a major milestone that underscores strong confidence in the company's vision and technology. Founded in early 2025 by [Founders' names if known], has launched its closed beta platform, enabling businesses to create AI agents for voice, text, or multichannel interactions—with native Arabic speech technologies handling over 25 dialects. Its no-code builder integrates seamlessly with websites, social media, CRMs, call centers, and other systems. Backed by three strategic accelerator programmes—inspireU from stc, Misk Entrepreneurship x Plug and Play, and TikTok x Blossom Accelerator—the company is set to expand rapidly across Arabic-speaking markets and beyond. The funds will be used to: 'We're building Arabic-first, human-level AI to transform customer engagement,' reads the company's statement.
Wamda
3 days ago
- Business
- Wamda
With 4DX, Plus VC on board, PALM closes 7-figure pre-seed round
Egypt-based fintech PALM has raised a 7-figure pre-seed round led by 4DX Ventures, with participation from Plus VC and international angel investors. Founded in 2024 by Mazen El Kerdany and Ahmed Ashour, PALM enables users to save for life goals using smart nudges, embedded finance, and curated investments across fixed income, equities, and precious metals. It also offers exclusive merchant deals to boost savings value and reduce spending. The funding will support product expansion, user growth, and the company's long-term mission to become the Mediterranean's go-to savings partner. Press release: PALM, Egypt's first fintech startup offering incentivised goal-based saving, has announced today that the company has successfully closed its pre-seed funding round. The investment round was led by 4DX Ventures with participation from Plus VC and several international angel investors. PALM offers a seamless and personalised saving experience designed to help users achieve their various life goals, whether to fund basic needs such as education and healthcare, save for marriage or afford their key purchases such as travel, home appliances and electronics. The platform combines traditional investment tools with modern behavioural nudges, rewarding users for consistency and progress. PALM curates optimal asset allocations across asset classes like fixed income, equities, and precious metals to help users reach their goals. By combining high investment returns with exclusive deals from a growing merchant network, PALM maximises savings value and reduces out-of-pocket spending. By aligning financial tools with real-life milestones, PALM empowers users to turn their goals into achievable outcomes and deliver on its promise: 'All life goals, in your PALM'. PALM was co-founded by Mazen El Kerdany and Ahmed Ashour. Mazen is an investment executive with vast experience in asset management, having managed around USD 2 billion with a strong performance track record. He previously held senior roles at EFG Hermes, led strategy at Beltone Financial Holding, and at Post for Investment—the investment arm of Egypt Post. Ahmed is a technology and finance leader with global experience spanning Amazon, Goldman Sachs, and multiple Consumer and fintech startups across EMEA and the United States for more than 10 years. Together, they combine deep expertise in capital markets, digital product development, and financial inclusion to reimagine how Egyptians save, spend, and invest. Mazen El Kerdany, Co-founder and CEO of PALM, said, 'We're incredibly grateful to our investors for their trust and belief in PALM's vision. Their support empowers us to accelerate our mission of transforming how Egyptians save and achieve their life goals.' 'We launched PALM to help Egyptians take control of their financial future by turning gradual saving into a smarter, more rewarding habit. Egyptians collectively hold EGP 8 trillion in bank deposits, EGP 7 trillion in gold, and EGP 70 trillion in real estate. The challenge isn't the ability to save but the lack of accessible tools that deliver real returns, diversification, and alignment with personal goals. The old formula—earn, spend, save what is left—no longer works. Today, spending smarter and saving more requires financial planning and a proactive mindset. PALM enables that by embedding investment into the spending process—making it more mindful, goal-driven, and outcome-focused. By helping people build healthy savings habits, PALM not only empowers individuals, it supports broader national goals like financial inclusion, resilience and increased household participation in capital markets, as outlined in Egypt's Vision 2030.' With the new funding, PALM will focus on accelerating user acquisition, expanding its product use cases, and strengthening its network of strategic partners. The company is committed to making saving not only easier but also culturally relevant and rewarding for Egyptians. This next phase will also support product innovation and deeper market engagement as PALM works toward its long-term ambition of reaching millions across the Mediterranean. By doing so, PALM aims to become the go-to financial partner for life's milestones—empowering users to plan, save, and grow their wealth with confidence. Peter Orth, Co-founder of 4DX Ventures, added: 'We believe PALM has the potential to transform financial wellness across the continent. By making it easier to save, delivering real returns, and unlocking meaningful discounts on major expenses, PALM helps users build lasting wealth. This aligns with our mission to back ambitious teams driving long-term prosperity in Africa, and we're excited to partner with seasoned operators like Mazen and Ahmed to make that vision real.' Commenting on the fundraising announcement, Hasan Haider, Founder and Managing Partner at Plus VC said: 'PALM is redefining money management by helping individuals plan and manage major life expenses with expert strategies and exclusive deals. They're addressing a critical gap in personal finance and are well-positioned to become a trusted financial companion for the next generation. With strong execution, deep product insight, and a clear vision, we're proud to back Mazen, Ahmed, and the PALM team on their journey as they pioneer a smarter, more empowering approach to financial wellness.' Ahmed Ashour, Co-founder of PALM, stated, 'Currently, Egyptians have limited options when it comes to managed investments due to high fees and minimum investment tickets required for such services; we are changing how Egyptians save. We will offer Egyptians a modern saving experience that caters to their lifestyle needs, aligns with their interests, and helps them along their financial journeys regardless of their income levels or assets. Our vision is to embed saving as a cultural movement by offering innovative products that makes saving fun, personalized, hassle-free, and rewarding for everyone.' With a clear vision for the future and with the new funds, PALM is poised to reshape how Egyptians, and eventually users across the Mediterranean, approach saving and financial planning. By combining technology, behavioural insight, and financial inclusion, PALM is not only helping individuals build wealth with confidence but also contributing to a stronger, more resilient financial ecosystem.
