Egyptian Islamic invoice financing startup Agel raises 7-figure pre-seed round
Egyptian Islamic invoice financing startup Agel has secured an undisclosed seven-figure pre-seed funding round to expand its digital, cashless, and Sharia-compliant financing products. The startup, founded in October 2021, provides financing to merchants for acquiring goods and supplies on credit from its network of suppliers. It also supports suppliers in managing their transactions and increasing sales. Agel initially focused on Egypt's textiles industry and plans to diversify into other lucrative sectors. The funding round was led by Plus Venture Capital, Seedstars International Ventures, and Flat6Labs, with participation from SEEDRA Ventures, Banque Misr, and angel investors. Agel aims to become a licensed non-banking financial institution, develop advanced products, expand its customer base, and launch co-branded banking card services. The company has partnered with Abu Dhabi Islamic Bank (ADIB) for its merchant card service.
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