Endeavor Catalyst Fund Invests $500,000 in Vezeeta
Author: Zeina Foda, Communications and Development Analyst
Endeavor Catalyst Fund, Endeavor’s co-investment vehicle, has made its first investment in Egypt contributing $500,000 to Vezeeta, in what is considered a major milestone for Endeavor Egypt and its network of High-Impact Entrepreneurs. Alongside Endeavor Catalyst, Jordan’s Silicon Badia, Sweden’s Vostok New Ventures and Cyprus’ Vulkan Equity Limited have also invested additional funds.
Following the company’s series B investment round in September 2016, in which it raised $5 million in investments from Silicon Badia, Vostok New Ventures, UAE’s BECO Capital and Egypt’s Science and Technology Fund, Vezeeta has now raised a total of $10.5 million in investment.
“We’re very happy to be witnessing Endeavor Catalyst making its first investment in Egypt,” said Mohamed Rahmy, MD of Endeavor Egypt. “With its 50+ investments made in 17 countries, and its promising track record, today’s news sends a clear signal and vote of confidence in Egypt’s entrepreneurial potential. I’m confident of the synergies Catalyst will bring to Vezeeta’s very exciting regional scale-up journey,” Rahmy added.
Vezeeta is a leader in digital healthcare solutions, led by Endeavor Egypt Entrepreneur Amir Barsoum. The success of Vezeeta’s technology comes from its unique ability to address real, major problems faced by patients when trying to access doctors in Egypt and across the region. Today, Vezeeta’s technology is transforming the healthcare industry by reducing the problem of long lines at clinics, listing comprehensive clinic and doctor information on the platform and collecting feedback on patients from their experiences. In April 2017, Vezeeta announced the expansion of its online booking platform beyond Egypt and into Jordan and Lebanon, positioning it as a major regional player helping to connect thousands more patients to healthcare practitioners through fast, around-the-clock, online appointment booking.
“We are very excited to have Endeavour Catalyst on board with us” expressed Amir Barsoum, CEO & Co-founder of Vezeeta. “Their vast strategic experience and global network is significant and will help us to rapidly build and further scale our operations regionally as we continue our venture into new MEA markets.”
Endeavor provides its entrepreneurs in Egypt and across the 26 countries where Endeavor operates with access to talent, mentorship and capital through a series of customized local and global services. The introduction of Catalyst in 2012, the rules-based co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies, has been a major driving force for the support Endeavor extends to its network of High Impact Entrepreneurs, turbo-charging their journey from startup to scale-up. To date, Endeavor Catalyst has invested in 53 Endeavor Entrepreneur companies in 18 countries.