The female duo behind the startup, Mai Medhat and Nihal Fares, just raised the Series A round, marking one of the biggest investment done by Algebra Ventures yet.
Egyptian event management startup Eventtus - whose co-founder Mai Medhat was catapulted to the global stage when she was called on stage by Barack Obama at the Global Entrepreneurship Summit last year - has just announced its biggest landmark yet, having raised $2 million in a Series A round from Algebra Ventures and 500 Startups, marking one of the biggest investment done by Algebra Ventures yet.
Founded in 2012, the startup has worked with over 9,000 events, including some of the region's most prominent, such as Dubai Expo 2020, Informa, DMG Events, Emirates Foundation and ArabNet. The startup had previously raised $175,000 from Cairo Angels and Vodafone Ventures. After their regional expansion and the opening of a second office in Dubai in 2013, Medhat raised another round of investment for $450,000, this time led by Middle East Venture Partners (MEVP). With clients now in India, Spain, UK, and the USA, Medhat’s story – showcased at GEW 2016 to a worldwide audience of hundreds of millions – mirrors that of an entire generation thriving for change - ultimately, a role model set out to diversify the univocal icon of the white male entrepreneur.
Now, the team plans to use the investment to accelerate its regional expansion and introduce new products, such as revenue generation options for event organisers. Eventtus is also setting off to launch its new AI module for event attendees to identify people to network based on a machine learning algorithm. "Eventtus has the potential to change the $5 billion plus meetings, incentives, conventions, and events industry in the Arab world. They can impact the way 10s of millions of event attendees interact every year. While doing so, they can create and capture substantial value," Ziad Mokhtar, managing partner of Algebra Ventures, said.
Main photo by @MO4network's #MO4Productions.
Photographer: Ahmed Najeeb.
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