Ideavelopers and Vodafone to invest EGP 6 million (around $860,000) in Swipe’n'tap
On August 4th, Ideavelopers and Vodafone Egypt signed a new EGP 6 million (858,630 US Dollar) investment deal with Swipe’n'tap, a Cairo-based technology startup. In a time when Egypt is facing immense challenges, young ambitious Entrepreneurs provide a beacon for hope.
This is Ideavelopers’ 22nd investment in a technology startup since 2004. Other investments include Siware (semiconductor design), Fawry (electronic payment network), Nefsak (online retailer), Nezal (social games developer), and DrBridge (healthcare digital platform). Ideavelopers manages over EGP 260 million in venture funds, and will continue to invest in technology startups that have the potential of changing traditional industries and transforming the Egyptian economy.
This marks Ideavelopers first co-investment with Vodafone Egypt. The two firms hope to forge a strong co-investment partnership going forward. Swipe’n’tap also marks the first investment by ideavelopers in a startup backed by successful entrepreneur and angel investor Khaled Ismail.
Founded in 2011, Swipe’n'tap places touch-based devices on restaurant tables with attractive digital menus, an ordering capability, and an entertainment section. The solution allows restaurants to build a better relationship with their guests. The company launched a successful pilot in one of Egypt’s well-recognized restaurant chains earlier this year. This success allowed Swipe’n’tap to secure placement agreements with several other chains and to start generating revenue in 2013.
There will be more deals to announce soon as Ideavelopers, together with its partners, continue to work towards building a better Egypt.