The investment was raised as part of an online Shark Tank-inspired pitch show made specifically for the lockdown era.
Egyptian startup Interact Labs, a developer of hardware and software solutions aimed at enhancing user experiences, has secured a $60,000 investment after co-founder Mohamed Samir Abol Enin took part in the newly launched The Nest, an online Shark Tank-inspired show.
Interact Labs is mainly focused on creating products that upgrade the learning and collaborating experience through tech. Their flagship product is the TACT, an electronic pen and accompanying infrared detector that transforms any monitor and/or screen to an interactive touch screen surface.They’ve already seen their hardware sold to and used by over 50 companies in Egypt, Saudi Arabia, Kuwait, the UAE, Morocco and Denmark.
The Nest takes place on Zoom, and invites startups from across the world to pitch in front of angel investors, and any joining listeners. The pitch show was launched by Jim Chiu, CEO of UNTAPPED, a platform dedicated to supporting entrepreneurs in developing countries that are servicing their societies through innovative products.
The digital initiative has so far helped African startups raise $135,000 in investment. “We’ve seen the potential for this to make so many valuable connections, we are definitely going to keep it going, indefinitely,” said Chiu. “I’d like to see The Nest for different regions and specific verticals in the future. We intend to open-source the operating model and brand so that others can take it far beyond what we can do.”
You can tune into the The Nest broadcasts live every Thursday here.
Sign up for the daily Startup Digest.