Hollydesk, Egypt’s first and only expense management platform, announced a $ 1 million venture debt funding to enable more small and medium-sized companies (SMBs) manage and track their everyday spending. The funds will be utilised to broaden Hollydesk’s capabilities and reach out to additional businesses in need of effective expenditure management solutions.
“We are excited to support Hollydesk in their mission to help SMBs in Egypt manage their daily expenses,” said the venture debt provider. “Hollydesk’s innovative approach to expense management has already helped many companies save time and money, and we believe they have the potential to make an even bigger impact as they expand their offerings.”
A Look At What The Startup Does
Mahmoud Moussa founded Hollydesk in 2020 to provide a set of solutions that allow businesses to effortlessly track and manage costs, automate approval procedures, and produce reports to evaluate spending trends.
Hollydesk has already assisted hundreds of businesses in saving time, reducing fraud, and better managing their spending. Companies utilising Hollydesk spent EGP130 million through the platform alone in 2022.
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“Our mission is to help small and medium-sized businesses focus on what they do best by streamlining their expense management processes. With this new funding, we can expand our reach and help even more companies across Egypt,” said Mahmoud Moussa, CEO of Hollydesk.
Hollydesk’s platform is intended to be user-friendly and simple to use, especially for non-technologists. It has functions like receipt scanning and real-time spending tracking. Businesses may save time and decrease the risk of mistake or fraud in their expense reporting by utilising Hollydesk.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard