DigiFi Network, an Egyptian startup via which users swap profile information for WiFi connection, has won a pre-seed funding round from Toronto’s Loyal VC, as it aims to scale its product beyond Egypt’s borders.
The company, founded last year by Ahmed Nassef and Mohamed Maher, creates an information ecosystem where businesses can leverage demographic data to increase sales. Third-party firms can promote push-based advertising to customers, with business owners taking a share of revenue.
DigFi is an alum of the Egypt branch of Founder Institute (FI), which has been instrumental in discovering some of the world’s fastest-growing startups. FI is active in more than 200 cities, with over 4,300 portfolio firms.
DigiFi will use the Loyal VC money to expand its UI, grow its operational capacity, and become the region’s largest hub for retargeting digital advertiser campaigns.
“I’m so proud to be the first Egyptian startup of Loyal VC’s portfolio. Their continued support and mentorship with their class A mentors will add a lot of value to our company,” Nassef told Disrupt Africa.
Egypt might not be a nation that springs immediately to mind with regards to tech. Yet the country of almost 100 million people has enjoyed steady IT-sector growth in recent years, and has attracted $3bn in investment
since 2017.