Student Discount Startup Youth Secures LE 1 Million in Funding
Founded by 22-year old Egyptian Malak El Leithy, the app provides access to exclusive discounts for students across Egypt.
Egypt’s first student discount platform Youth has secured LE 1 million in funding on Egyptian student entrepreneurship show ‘Gen-Z’, to which over 25,000 students from 39 universities across Egypt applied, eager to showcase their innovative ideas.
Launched less than four months ago, Youth provides access to exclusive discounts across fitness, dining, shopping, and entertainment, with over 60 brand partnerships already signed onto the student-exclusive platform.
“I never imagined that we might reach the final of the show, let alone go home with a million pounds,” Malak El Leithy, Founder of Youth, tells #StartupScene. “The day I got home from shooting the show, my father asked me - 'Are you aware that you’re technically a millionaire now?'”
El Leithy, who is only 22 years old, saw the potential of student discount apps when she first travelled to the UK and the Netherlands. “I found myself using these apps for almost everything I bought,” El Leithy explains. “I kept wondering why it didn’t exist in Egypt - so I decided to do something about it.”
This commitment of funding from some of Egypt’s leading business figures is proof of the platform's promising concept, with the new injection of capital positioning Youth to push for ever-broader brand partnerships, expanding their offerings to users.
A joint initiative by the Ministry of Higher Education and Scientific Research, the Innovators Support Fund (ISF), and United Media Services, 'Gen-Z' is designed to address the financial, technical, and logistical challenges faced by young innovators, providing student entrepreneurs with investment and mentorship from some of the country’s leading business figures.
Gen-Z’s panel includes the likes of Tarek Kamel, CEO of Nestlé Egypt; Mohamed Shelbaya, CEO of PepsiCo Africa and Egypt; Farida Khamis, Board Member and Deputy Chair of Finance at Oriental Weavers; Ahmed Shalaby, President and CEO of Tatweer Misr; and Mohamed El Sewedy, Vice President of El Sewedy Electric.
