Egypt-based AI Startup DXwand Raises $1M Pre-Series A Round

13 June 2022

The Omnichannel conversational AI and digital assistants tool, DXwand, announced the closure of its pre-Series A funding round of $1 million, headed by Huashan Capital, and with commitments from angel investors Mr. Mohsen Abulleil and Mr. Ahmed Bakeer. US-based VC firm SOSV, the early investor in DXwand’s seed round, has also supported the due diligence and syndication of this financing round as part of its strong trust in the company’s future.

This funding will be used by DXwand to accelerate its growth across the area, increase its market share, and accelerate its AI research to further differentiate its solutions on the market.

“I’m thrilled to see DXwand secure its second investment deal with investors they met last year during our Hangout with VCs event. This is part of ITIDA’s mandate to attract more VCs to the ecosystem in Egypt to help more companies to scale and accelerate their revenue growth,” ITIDA’s CEO, Amr Mahfouz commented.

“It’s an exciting time for the entrepreneurship sector in Egypt as global VCs are not only keeping an eye on Egyptian startups but are also investing large amounts of money helping us realize our targets and achieve tremendous year-on-year (YoY) growth,” Mahfouz stated.

Source: Afrikan Heroes platform

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