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Egypt tech startup secures six-figure capital funding
A tech startup based in Cairo, Egypt, has just raised an undisclosed amount of investment funding to expand its platform to offer digital services to closed communities in the Middle East and North Africa.
Closed communities can be understood as gated residential communities.
Milango raised a six-figure capital in seed investment
Milango recently released a statement announcing the investment that was led by an entrepreneurial company, A15. The entrepreneurial company develops and invests in digital products and tech brands. Fadi Antaki, A15’s Chairman, commented on the recent investment with Milango.
“We invested in Milango because it makes sense due to the gap it is filling in the market as in digitally transforming communities whether compounds or clubs by making the experience served to its residents and members more seamless, appealing and meaningful,” said Antaki.
The startup plans to use this investment to build on its previous success within the community management sector with some of the real estate developers in the Middle East and North Africa.
Amr Mostafa, Milango’s newly appointed a new CEO, stated he was positive about the investment that had been raised.
“With the support of our partners and A15’s strong technology ecosystem value they add to the equation, I am confident that Milango is on the right path to bringing the smart city of the future closer to today,” said Milango.
Milango
In 2016, Milango was first used by Kijami as a service provider to its clients. However, in 2019 the startup became an independent platform after Mostafa was appointed as the new CEO. Since then, the startup has continued to provide services to closed communities in Egypt.
Milango aims to provide tailored products and services to closed communities such as gated compounds as well as sporting and social clubs among others. Some of the challenges that these communities face are a lack of access to a wide variety of services.
The private companies that manage these communities need the tools to manage thousands of residents. Their services have been used by companies such as the Smash Sporting Club, Emaar, Travco Properties in Almaza Bay, Orascom Development in (El Gouna), and SODIC. Milango has plans to expand its team to explore other markets and improve its product.
Read more: Egypt startup Paymob raises $3.5-million
Read more: Why the VC sector has taken off in Egypt in 2019
Feature image: Milango (Supplied)
