A15, a leading venture capital firm in the Mena region, has announced that it is the first investor in Sympl, one of Egypt’s latest successful startups, which is set to disrupt the country’s consumer payments sector.
A15 is a key partner in terms of capital investment as well as knowledge and experience, as it focuses on tech startups and has a long track record of generating value for fintech. A15 makes early investments in its portfolio companies, working directly with the founders to build value across different channels. A15 not only provides a crucial support network for founders, but it also supports startups with operational issues such as product development and technology integrations, as well as planning for future funding rounds and exit strategies.
A15’s partnership with Sympl, whose co-founders have co-founded major consumer finance startup ValU and B2B commerce platform Capiter, puts both companies in a strong position. The venture capital firm was able to support the development of the Sympl checkout platform and effectively help bring it to market thanks to A15’s early investment in the company. Both companies will work together to continue driving innovation in Egypt’s payments sector and contribute to the country’s ongoing commitment to a cashless society.
Karim Beshara, General Partner at A15, commented: “At A15, we are committed to partnering with strong founding teams in the very early stages of their ventures, where we can work closely together to unlock value. We pride ourselves on the close relationships we maintain with the founders and their teams, supporting them from the beginning as part of the A15 family. We are excited to have backed Sympl from day one and are proud of the early positive signs from their launch. We look forward to continued close collaboration and scaling the business.”
Mohamed Elfeky, Chief Executive Officer of Sympl, said: “A15 has been a crucial partner in the early stages of our growth. Their support in product development initiatives, tech integrations and connections to their startups’ ecosystem have been important in our early success. We look forward to continuing our partnership with them to drive innovation, provide new solutions for merchants and consumers, and contribute to the transition to a cashless society in Egypt.”
A15 is a leading promoter of entrepreneurship and innovation in the Mena region, having made over 30 investments to date. A15 announced in September 2018 that it had successfully sold a 76% stake in its fintech portfolio company, TPAY, to leading African private equity firm Helios Investment Partners, making it the first fund in the MENA region to create a ‘Dragon’ – an exit that returns the value of the entire fund through realised proceeds from a single investment.
