DigiFi Network, a WiFi-enabled platform that lets business owners/advertisers reach digital audiences more efficiently and effectively with a lower cost of advertising, has successfully secured an undisclosed amount in its Pre-Seed funding round from Loyal VC.
“I’m so proud to be the first Egyptian startup of Loyal VC’s portfolio. Their continued support and mentorship with their class A mentors will add a lot of value to our company,” Ahmed Nassef said.
Here Is What You Need To Know
- With the new Loyal VC ‘s funding, DigiFi will use the funds to continue to invest in scaling its platform by building on its UI, adding reporting capabilities, growing its operational capacity, and expanding its growing market reach.
Why Did The Investor Invest?
This is Loyal VC’s first ever investment in an Egypt-based startup. Loyal VC is an alternative tech fund for early stage startups. The firm runs a partnership with Founder Institute, the global ‘pre-seed’ accelerator, and is an alumni of INSEAD, the global business school. All companies invested into by the VC are sourced from either of the two sources above, or are named by the VC’s Limited Partners. DigiFi is a graduate of the Founder Institute program in Egypt which has been instrumental in facilitating the deal.
The startup team’s previous experience also assisted the startup in securing its latest funding. Co-founder Ahmed Nassef has previously established a highly successful software development firm and digital marketing agency, while his partner Mohamed Maher has more than 15 years of experience in business development in several corporate organisations.
“How does Loyal make smarter decisions? By getting better information. By becoming an insider and watching a company progress. By funding based on what entrepreneurs do, not what they promise. By doing diligence through months of collaboration. And by using a process and rules designed to overcome innate human biases,” the VC notes on its website.
Read also: European Bank Provides $100m For Egypt ’s NBK To Support Startups And Businesses
What Does DigiFi Do?
Founded just last year, by Ahmed Nassef and Mohamed Maher, DigiFi allows customers to share their basic profile data with the business owner in exchange for free WiFi at their establishment. The business owner then can use this demographic data to promote their services to the customer at a later time. 3rd party advertisers can also promote push-based advertising to the same customers with a share of the advertising spend going to the business owner.
The startup has over 50 venues in its portfolio including, Four Seasons’ First Mall, Mountainview Clubhouse, Sachi, Kazoku, the Mokai Chain, and more, with more than 500,000 monthly ad views. Their vision is to become the biggest data hub for enhancing the retargeting campaigns for digital advertisers.
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