Egyptian Fintech Startup EXITS.ME Raises $1 Million in Pre-Seed Round
The team is currently working on transforming EXITS.ME to a new platform to cater to a wider audience in the MENA region, including M&As, SMEs, and startups.
EXITS.ME, an Egypt-based investment banking marketplace, has raised $1 million in a pre-Seed round funded by UK-based Exits.Me LTD, Baseeta Investment Holding, Mawelni Holding for Financial Investments, strategic angel investors, as well as the founders.
Founded in 2022 by Mohamed Aboulnaga, Ahella El Saban and Ayman El Tanbouly, EXITS.ME provides investment banking services to support mergers and acquisitions (M&A) transactions and investment deals for startups and SMEs through its automated online marketplace. EXITS.ME was initially acquired by PIE, an M&A consultancy firm founded by Mohamed Aboulnaga earlier this year. The team is currently working on transforming it to a new platform to cater to a wider audience in the MENA region, including M&As, SMEs, and startups.
“We want startups and SMEs who are off the radar of conventional investment banks to have a user-friendly and automated means of engaging in M&A and investment opportunities,” investor Omar Wagdy tells StartupScene. According to the startup, businesses that are overlooked by investment banks due to their smaller ticket sizes usually find it difficult to attract investment opportunities. High retainer costs and mark up fees also deter startups from seeking support from traditional investment banks.
The founders aim to support the region by increasing investment awareness and spreading education on the importance of early investments in all verticals and business functions. The new funding will help grow the platform and address this awareness gap.
Investments in fintech startups are booming in the MENA region. In the first half of 2022, investments in the sector reached $819 million, almost two times the amount raised during the same period last year, according to data by Dealroom. Some Egyptian startups receiving the lion’s share of investments include Paymob, raising $50 million in Series B funding, and Lucky, raising $25 million in a Series A round.