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Akhdar, a Book Summary App Secures Six (6) Figure Funding in Egypt

akhdar

The book summary mobile app Akhdar, a startup in Egypt announces it has raised a six-figure investment from EdVentures. A venture capital firm under Nahdet Misr Publishing Group based in Egypt.

Akhdar is a 2017 founded tech company started by Mohamed Osama, Akhdar. Their idea initially started as a YouTube channel that summarized books through short and engaging videos. This helped readers grasp the key points presented in books.

It has recently launched a mobile application that features hundreds of videos for audio and printed books covering more than 16 different genres.

The platform basically simplifies content from various books and presents them in a more engaging way to younger readers.

Mohamed Osama, the founder of Akhdar said, “Akhdar started with the aim of providing simplified summaries and information about different books for people who didn’t have time to read. Back then, we didn’t have a very clear vision of what we wanted to achieve.”

He continued that they worked very hard with the limited resources at hand to build Akhdar for them to be able to continue presenting useful content.

akhdar
image source: Akhdar app facebook

Thanks to the undisclosed exact investment, Osama said, “Now, we are quite excited about the coming period, our new partnership with EdVentures will definitely add a lot to our business especially with Nahdet Misr’s extensive experience in education and content creation.”

SEE ALSO |  Kenya's Ilara Health, A Healthtech Startup Receives US$3.75M in Series A Funding

The grateful startup founder added that the investment will be directed to enrich their library with various new categories and topics. And in addition to offering readers a smart learning experience, they are expecting that readers make the most out of the content available on the platform.

In a press release circulated, Dalia Ibrahim, the founder of EdVentures and CEO of Nahdet Misr Publishing House commented that,

“EdVentures is always keen to support and nourish educational startups; hence, we see this investment as a new brick we add to enrich the readers’ community with a smart and fun learning experience. Akhdar will use it to enhance its online application through the usage of gamification and other new Edtech features to provide more engaging content and an enhanced user experience. We will also be working closely with the team to further expand their services in order to cover a wider range of users.” 

VC firm EdVentures, is widely known to support and invest in startups specializing in education, culture, and innovative learning solutions in Seed and Pre-Series A rounds focusing on Egypt, Africa, and the Arab World.

SEE ALSO |  AgroCenta: Agritech Startup Raises US$790K to Secure Fair Market Price for Smallholder Farmers in Ghana

It tends provides financial and technical support to startup companies so to enhance their success and continuity in the ever competitive market.

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Funding

Curacel: Insurtech Startup Secures $450K Pre-seed Funding Led by Atlantica Ventures & Consonance

Curacel

The insurtech startup, Curacel, an AI-powered platform for claims processing and fraud management in Africa, reports that it has raised $450,000 pre-seed funding in a round that was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.

The new investment will be used to accelerate Curacel’s expansion across Africa and facilitate the goal of becoming Africa’s premier provider of embedded finance technology for insurance.

The insurtech startup already works with some of the biggest insurers on the continent, including AXA Mansard, Liberty Health and Old Mutual, as well as more than 800 hospitals in Nigeria, Ghana, and Uganda. It plans to expand into 10 new African countries by the end of 2021.

Every year, African insurers lose more than $12 billion to fraudulent, wasteful, and abusive claims. Curacel’s flagship CLAIMS platform acts as a bridge between primary care hospitals and Africa’s insurance companies, using advanced artificial intelligence to ensure that insurance companies only pay claims for the correct treatment, appropriate medications and recommended patient therapies. 

Curacel

Curacel is also scheduled to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges. Delayed payments and other inefficiencies in the payment process means many African healthcare providers often have to make the difficult choice between keeping the books balanced or providing healthcare at a loss. With Curacel Capital, healthcare providers can access lump sums of up to three times their average monthly billings, based on claims processed on the Curacel portal, ensuring that they can continue to deliver essential services without undue disruption.

SEE ALSO |  Cassbana: Egyptian Lending App Raises US$ 1M from Disruptech

With insurance penetration at just 2.8% across the continent, many Africans are one accident or health emergency away from poverty. And in Africa’s communal societies, tragedy impacts entire communities, with people emptying their savings to pay for medical expenses, burials or other disaster relief for family members and kin. By leveraging Curacel’s products and services, insurers across the continent are better equipped to close the insurance gap and safeguard prosperity. 

According to Curacel Co-founder and CEO, Henry Mascot, in a press statement said,

“We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa.”

At Curacel he shares, they are uniquely positioned to safeguard livelihoods and increase the quality of life through their unique, market-leading products and services. 

IK Kanu, Partner at Atlantica Ventures noted that,

“The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector. There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent.” 

Finally, Mobolaji Adeoye, the Managing Partner at Consonance adds that they believe the Curacel team has what it takes to be market leaders and are therefore excited to support them. Also stressing that they have a great product and equally delighted to be coming onboard at this early stage of their growth.

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