Egyptian startup Garment IO has landed $450 000 in seed funding from Egypt Ventures and 500 Startups via its 500 Falcons fund.
The startup, which was founded in 2017 by Mahmoud Saba and Ahmed Nounou (pictured above, left to right, respectively), offers a “plug and play” garment manufacturing management solution.
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According to the startup’s LinkedIn profile, the solution combines software and hardware to give garment factory managers and owners a complete overview on production processes, worker performance and production cost calculation. Data is then accessible real-time online.
Tech publication MenaBytes reported in an article yesterday that the investment will be used to help the Cairo-based startup — which currently has over 2000 smart terminals installed in factories in Egypt — to expand its product in Egypt. It is not clear when the investment deal was finalised.
Garment IO was founded in 2017 by Mahmoud Saba and Ahmed Nounou
It said the startup plans to move into Jordan, Tunisia, Morocco, and Turkey with its product.
The publication reported that Nounou at one time managed his family’s garment manufacturing business, which is how the idea for the solution came about.
In May last year tech publication Magnitt reported in an article that Garment IO had raised an undisclosed amount of seed funding from 500 Startups.
It said the startup was part of 500 Startups’ third round of MENA Dojo Series A programme with 13 other startups.
The startup is a previous graduate of the incubation programme run by the Egyptian government’s Technology Innovation & Entrepreneurship Center (TIEC).
Featured image (from left to right): Garment IO founders Mahmoud Saba and Ahmed Nounou pictured at November 2019’s Web Summit in Lisbon, Portugal (Twitter)
