Proptech Startup Birdnest Secures Pre-Series A Funding Led By Beltone Venture Capital
Date
5/25/2024 11:12:32 PM
(MENAFN- Daily News Egypt) Egyptian proptech startup Birdnest has successfully closed a pre-Series A funding round led by Beltone Venture Capital, a subsidiary of Beltone Holding. The round also included participation from CI Venture Capital, a subsidiary of Abu Dhabi-based investment firm Citadel International Holdings.
While the financial terms of the deal remain undisclosed, the investment grants the investors a 20% stake in the company.
The capital injection will be used to bolster Birdnest's regional quality team, enhance proprietary technologies, and support aggressive marketing initiatives aimed at solidifying the company's market position.
Birdnest plans to leverage the funds to expand its presence within Egypt and scale operations across key regional markets, including Athens, Dubai, and Riyadh.
Mostafa El-Nahawy, Birdnest's Co-CEO, emphasised the strategic value of partnering with Beltone Venture Capital:“This partnership with Beltone Venture Capital...equips us with the strategic financial infrastructure essential for our next phase of growth.”
Ali Mokhtar, CEO of Beltone Venture Capital, echoed El-Nahawy's enthusiasm:“We are excited to support Birdnest and its leadership team to achieve their vision to lead and innovate the Real Estate sector in the MENA region...Birdnest is well-positioned to become the leading Proptech company in the region.”
Birdnest aims to collaborate with real estate developers, institutional investors, and independent property owners to develop and operate high-value short-term rental properties, establishing itself as the leading short-term rental platform in the region.
Ahmed Fadda, Birdnest's other co-CEO, expressed his excitement about the partnerships with both Beltone Venture and CI Venture, highlighting their respective roles in supporting Birdnest's expansion efforts in Egypt and the wider region.
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