Cairo Angels - Afrikan Heroes

The Cairo Angels invests in Nigeria’s CredPal

June 14, 2022

The Cairo Angels Syndicate Fund (CASF), which invests in early-stage entrepreneurs in the Middle East and Africa, has invested in CredPal.

CredPal, launched in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, is a Y-Combinator and Google-backed financial technology firm that allows businesses and people to buy anything and pay for it in instalments across online and offline retailers.

Launched in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, Credpal allows users to set up accounts and establish payment plans using technology to minimize risk and connect to multiple credit-granting financial institutions. CredPal has 85,000 clients and 4,000 merchants. This cash will be utilized to expand across Africa, focusing on Egypt, Kenya, Ghana, and Cameroon.

“This support from Cairo Angels Syndicate Fund reinforces our mission to improve the quality of life of Africans through easy access to consumer credit. My co-founder and I are very pleased to have them as investment partners and can’t wait for how much we’ll achieve together” stated Fehintolu Olaogun, Co-Founder and CEO, CredPal.

“We couldn’t be more proud of our investment in CredPal, which is our first investment in Nigeria. Fehintolu and Olorunfemi have built an incredible FinTech platform that provides credit to thousands of underserved individuals and businesses in Africa and will be expanding rapidly to other key markets, including Egypt. BNPL has proven to be a successful business model that is a compelling alternative to traditional forms of consumer credit, especially in emerging and frontier markets where credit card penetration is very low and usually unavailable to the masses,” said Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.

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Started With Just $300, Tunisian Edtech Startup GOMYCODE Is Now Worth Over $60M. Here’s What Its 23-year-old Founder Did

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. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Egypt’s Cairo Angels Syndicate invests in Finclusion Group

June 6, 2022

Cairo Angels Syndicate Fund (CASF), a venture capital fund that invests in early-stage start-ups in the Middle East and Africa, recently announced an investment in African Finclusion Group. The money committed and the quantity of shares purchased were not made public. Finclusion Group will be able to expand its activity in its African markets thanks to the funds granted.

Finclusion Group co-founder and deputy managing director Timothy Nuy remarked

“Finclusion Group is pleased to welcome Cairo Angels Syndicate Fund as a shareholder. The group will continue to expand while establishing a solid collaboration for future global expansion,” Finclusion Group co-founder and deputy managing director Timothy Nuy remarked.

This is the Egyptian fund’s second investment in Africa outside of Egypt and its third investment in a fintech startup. This is further capital for Finclusion Group, which raised $20 million in January.

The neo-bank, which provides customers with salary, “buy now and pay later” payment solutions, and loan offers, will continue to expand in its primary operating countries in East and Southern Africa, most notably in Eswatini, Namibia, South Africa, Kenya, and Tanzania.

Timothy Nuy’s company, launched in 2019, will also expand its variety of banking goods and services for the benefit of its consumers.

Nigerian Immigration Process Automation Startup Humansquad Raises Pre-seed Round

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. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Egypt’s Angel Investors Network Launches Global Investment Fund

November 16, 2020

A consortium of Cairo based investors have entered into an agreement to establish the Cairo Angels which will be Egypt’s first formal network of angel investors. This will be followed by the launching of a syndicate investment fund to back pre-Series A startups in Africa and the Middle East. The Cairo Angels, which invests in and supports startups and early-stage, high-growth businesses, said it has already started fundraising and aims to close during the first quarter of next year.

Sources close to the group say that the syndicate fund will target startups that are pre-Series A and looking to fuel growth and expand regionally, and Cairo Angels believes its executive team, investment committee and board will provide a unique value proposition, leveraging its expertise and relationship capital in order to maximise impact on portfolio startups.

Speaking about the development, member of the fund’s investment committee, Aly El Shalakany said that “we are always looking at ways to bring new ideas and innovation to our region and launching the fund is the next step in our evolution. We have enjoyed great success investing in this space and we now want to democratise access to this exciting asset class to active and passive investors alike. Our new model will bring something different to the market and provide much needed capital to a clear gap in the funding life cycle of startups in our region,” Investors who are interested in this asset class are invited to apply to join as a limited partner in the fund, and Cairo Angels will be hosting an information session in this regard on November 16.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Egyptian Startups Have A New $3m Micro Fund From VC Cairo Angels

November 10, 2020

Startups in Egypt have a new fund! Cairo Angels has gone VC, although still retaining its “angel structure”. The network of angel investors has launched a new $3 million micro fund to invest in early stage startups’ seed and pre-Series A in the Middle East and Africa region. One of the leading and oldest angel networks of the region, Cairo Angels has been actively investing in Egyptian startups.

*Aly El Shalakany, a member of the newly launched fund’s investment committee*

“This is an exciting time for Cairo Angels as we embark on this new venture to create our first fund. Since we’ve been pioneers in the industry, we are confident that this fund will bring a lot of value to investors, startups, and the community. This fund will create a unique opportunity for people to have access to innovative ideas at an affordable initial investment that is available for everyone,” Nader Aboushadi, a member of the fund’s board, said.

Here Is What You Need To Know

According to Zeina Mandour, the general manager of Cairo Angels, the fund has already secured a few commitments and expects to close in the first quarter of 2021.
It is aiming to raise USD 1.2–3 million and will deploy the capital immediately after closing.
VC funds usually monetize their funds by charging a management fee, which is 1–2.5% per year in the region, and by earning a carry on exits, which is normally 20%. However, Cairo Angels is bringing something different. No management fee! It is only hoping that it is incentivized by carry-on successful exits.

“We are always looking at ways to bring new ideas and innovation to our region, and launching the fund is the next step in our evolution. We have enjoyed great success investing in this space, and we now want to democratize access to this exciting asset class to active and passive investors alike.”

“Our new model will bring something different to the market and provide much-needed capital to a clear gap in the funding life cycle of startups in our region,” Aly El Shalakany, a member of the newly launched fund’s investment committee, said.

What Happens To The Old Cairo Angels?

Still intact is the best answer. Cairo Angels will continue to operate its angel network as well as continue to achieve the network’s goals of investing in pre-seed and seed-stage opportunities in Egypt. The new fund will however focus on seed and pre-Series A opportunities across the Middle East and Africa, with a major focus on Egypt and Saudi Arabia. The size of the fund is quite small and so would, probably, only assist startups close their rounds.

Cairo Angels seems to be emulating Alexandria Angels (more commonly known as Alex Angels). The angel network, in April this year launched Alex Angels Fund, a $6.3 million (EGP 100 million) fund to invest in Egyptian startups. The announcement was first made during a virtual investor masterclass held by Alex Angels and few other entities.

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