Not deterred by the increasing number of coronavirus cases in the country, Egypt’s startup ElCoach has gone ahead to raise a six-figure sum ( Above $100k) in seed funding, without disclosing the exact amount. Leading this round of investing include Egypt’s Endure Capital, 500 Startups (500 Falcons), Wise Capital and some local angel investors.
“We’ll continue to develop our AI to empower users with hyper-customized fitness & dieting programs. One of our goals is to cater to all segments and their full spectrum of special preferences and continue to develop ElCoach as a tech tool that will empower users for life and guide them as they progress on their personal fitness journeys,” co-founder Assem Emam, said in an interview with MENA-focused platform MENAbytes.
Here Is All You Need To Know
- Buoyed by the new funding, ElCoach will expand its team and accelerate its marketing efforts with a focus on the Saudi market.
“In the Middle East, digital fitness enthusiasts have been forced to settle for English-language programs and non-local meal plans. ElCoach is here to change that. It recognizes the language, cuisine, and unique needs of individuals in MENA,” ElCoach, Assem said.
Why The Investors Invested
- It is interesting to note that most of the investors in this round of investment are MENA-focused.
- 500 Startups, one of the lead investors has been very active investing in North African and Middle Eastern (MENA) startups.
- 500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In May 2017, it announced the launch of its new MENA focused fund, 500 Falcons, to double-down on MENA startups and founders. The fund is led by Hasan Haider, based in Bahrain, and Sharif El-Badawi, based in Silicon Valley, with personnel on the ground in Saudi Arabia and various other countries in the region.
‘‘Beyond providing seed capital, 500 further supports startups via its Seed Programs in San Francisco and Mexico City and the Series A Program in multiple locations globally. The Seed Program emphasizes digital marketing, customer acquisition, lean startup practices, and fundraising for pre-Seed companies. The 500 Series A Program delivers growth marketing and investment for post-seed and pre-Series A companies. 500 Startups is also aiming to contribute to the development of thriving innovation ecosystems around the world to better equip startups with tools to succeed by running educational programs, events and conferences, and partnerships with corporations and governments around the world,’’ the VC notes.
- On its own, Endure Capital is an early stage investment fund headed by entrepreneurs. Unlike many venture capital firms, Endure prides itself on being founder-focused. VC notes that it believes more in the people behind the idea, and works with them through challenges, hurdles and objectives.
A Look At What Elcoach Does
- Founded in 2018 by Assem Emam, Saher Hassan, and Muhammad Hazem, ElCoach is an Arabic fitness and nutrition app for the Middle East & North Africa, offering personalized body transformation programs based on individual needs.
- The programs, ElCoach says are fueled by a combination of artificial intelligence and local coaches and chefs. The meal plans that it offers have local dish recommendations and are designed by keeping the food culture (esp. consumption patterns) of Arabs into consideration. The users are also guided with positive messages of support and encouragement throughout their experience.
- The app uses a freemium model offering free basic fitness programs to users using a free plan but offering a ‘highly-customized’ plan to the paid users. The subscription costs less than $20 a month and provides users with holistic body transformation fitness and nutrition programs with live support from coaches and doctors. It is currently offering its paid plan for free (for a month) amid the spread of Covid-19.
- Assem Emam, the co-founder of ElCoach is a fitness buff who lost over 45 kg in nine months through self-guided research and a healthy diet. And this is what inspired him to build ElCoach.
- ElCoach is available for Arabic speakers all over the world but is mainly targeting the users in Egypt and Saudi. ElCoach’s apps have over 350,000 downloads and a ‘considerable number’ of paying users. The startup didn’t disclose the exact number of paying users but said they really love it, “Over 50% of them have chosen long-term subscription plans.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com