The Series A investment comes after the company struck a major ten year agreement with steel industry giants Ezz Steel and Emirates Steel.
Dubai-based material processing and resource recovery company Mawaad Environmental Services (previously called Ecofer Global Services) has raised a $6.5 million Series A funding led by an impressive cohort of investors, including Egyptian entrepreneur Ahmed Sadek el Sewedy, Executive Director of El Sewedy Electric Company, who contributed half of the investment, Q2Q Capital’s Muhammed Yesilhark and Dubai Future Foundation’s Youcef Oudjidane, as well as a star-studded slate of UK athletes, such as Kieran Gibbs, Henri Lansbury, Ross Barkley and Jack Wilshere.
The investment maintains a great win streak for Mawaad Enrionmental, as it follows a ten year agreement with Abu Dhabi’s Emirates Steel during Q1 2020 and Egypt’s EZZ Steel, with operations meant to start in late 2020. These heavyweight allies will support the material resourcing company in providing critical services for the steel industry, specifically in slag processing and metal recovery.
The partnership would bolster the Emirati company on its path to be a leader in the circular economy and resource recovery industry in the MENA region and Turkey, with a focus on honing down on technologies that extract the full economic and environmental value from industrial byproducts, wastes and materials.
The first 3 months of 2020 saw a dip in steel production by 1.4% compared to 2019. The sharp decrease comes despite steel being declared an essential industry in several countries. In countries such as Turkey, Saudi Arabia and the UAE, however, there were several plant closures due to the coronavirus outbreak that caused the decrease regionally. But now with closures and lockdowns subsiding, factories and plants are slowly reopening.
Namely, as manufacturing facilities reopen, Mawaad’s current sales focus falls right in line as they start to ensure all end products of slag processing are sold for manufacturing or production purposes, which eliminates costly landfilling processes and toxic environmental hazards while lowering operating costs and saving natural raw materials for future generations.
Sign up for the daily Startup Digest.