The deal, for an undisclosed amount, marks Alex Angels' first investment.
Alex Angels, the first Angel Investment Network in Alexandria, has just announced its first investment deal, injecting capital into on-demand delivery startup VOO. The deal flow, for an undisclosed amount, took only a few weeks in negotiation and agreement, and a partial transfer of the funds committed, in lieu of 10 percent in the company's equity, according to Alex Angels.
The startup, founded by Waleed Rashed and Malik Tag, is an on-demand delivery platform that matches orders with freelance drivers or couriers who are active on the network and can deliver the orders using their own vehicles on the spot. “VOO has so many prospects to transform almost every segment of the economy, including revolutionising the social side of services," said Alex Angel's Loay El Shawarby. "Waleed and [his] team have the right experience, exposure and operations' stamina to set the highest goals and achieve them. The team already developed traction from the who's-who in the ecosystem, and a very impressive list of clients and partnerships is already in the making," he added.
Alex Angels, founded by Tarek Al Kady in 2016, focuses on investing in high potential entrepreneurs from Alexandria, across Egypt and the Mediterranean, supporting them to exceedingly realise their full potential locally, regionally, and globally. Much like Cairo Angels does in the Egyptian capital, the network aims to play an integral role in the development of the Alexandrian startup community.
VOO's sharing economy model is geared towards eliminating the "expensive and tedious" need to create, grow and maintain a fleet of drivers and their vehicles for delivery operations across different sectors. “We’re launching our first product this month - a consumer-to-consumer delivery app. In the upcoming months we’ll be growing our team, assuring our early adopters robust product that is also cool to interface with, a product to be scaled with pride! The Angel funds committed will help us position onto an upward trajectory," said the startup's CEO Waleed Rashed.
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