Ideavelopers is a venture capital firm and a subsidiary of EFG-Hermes, the Egyptian private equity firm. The firm manages a $50 million fund focused on early stage technology companies. According to their website, they have invested over $25 million in 17 companies operating inside and outside Egypt. The terms of this deal is not announced. Abdullah Assal is the founder and CEO.
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Ideavelopers, managers of the Technology Development Fund (“TDF”), recently lead a Series A investment round in Offerna, Egypt’s first group buying site.
“After surveying the landscape of group buying sites in Egypt, we were extremely impressed with Offerna’s team and vision. We believe their team has what it takes to go the distance to build a successful e-commerce company in the region,” says Shayan Habib, Partner at Ideavelopers.
Established in March 2011, Offerna provides its customers with deals that feature discounts of 50-90% for various products and services, in return guaranteeing merchants a minimum number of buyers.
Offerna is lead by a team of exceptional professionals. Abdullah Assal, founder and CEO, returned to Cairo after completing his MBA at Stanford to bring the group-buying model to Egypt. Today he has successfully customized the business for local needs, and leads the company into rapid expansion in Egypt with his sight set to go regional.
Additionally, Offerna’s founding team includes Sinan Khatib, previously Director of Business Development at BuyWithMe, one of the leading U.S. group buying sites, Yasser Lotfy, previously manager of Etisalat Misr’s Mass Market Revenue and Retention, and Tamer Adel, regional e-commerce expert.
In his comments, Assal said, “We chose Ideavelopers because of the value add nature of the investment. In addition to providing us with substantial capital, we believe Ideavelopers will be instrumental in providing strategic advice, and local and regional access.”
Offerna is TDF’s fourth investment in e-commerce-related companies. Through its e-commerce investments, Ideavelopers aims to build a network of companies that not only jump start e-commerce in Egypt, but also allow for Ideavelopers’ companies to benefit from portfolio company synergies.
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