Menthum, an Egyptian digital savings startup, has recently secured an undisclosed amount in a pre-seed funding round as it looks to expand its team and further develop its infrastructure.
Founded in November 2022 by experienced professionals, Himanshu Shrimali and Ismail Sarhank, Menthum is a digital savings platform catering to both B2B and B2C customers. The platform offers individuals and companies a unique opportunity to invest in secure treasury bills (T-bills) through a money market fund, providing an innovative approach to savings and investment.
Menthum operates as a licensed and regulated entity under the supervision of Egypt’s Financial Regulatory Authority (FRA). The company has successfully launched the country’s first digital money market fund, forming a strategic partnership with a prominent investment manager.
In its pre-seed funding round, Menthum has secured support from notable investors, including A15 and Acasia Ventures (formerly known as Cairo Angels). Additionally, several prominent angel investors have also participated in the funding round.
The company will use the funding for customer acquisition efforts, brand building to enhance its market presence, and further development of its tech infrastructure to support its digital savings platform.
“We are excited to invest in the company that’s paving a fresh way to money for Egypt,” Acasia Ventures managing partner Aly El Shalakany said.
“Given Menthum’s solid team, the traction it has gained so far, and its visionary roadmap, we firmly believe that the company could reshape the concept of savings tools in the country and tangibly contribute to Egypt’s financial inclusion mandate while providing alternative savings vehicles to a wide range of customer segments.”
In June 2023, startups in the Middle East and North Africa (MENA) region secured a total of $35.6 million through 45 transactions contributing to a cumulative funding amount of $1.6 billion for the first half of 2023, a report by Wamda revealed.
According to the report, Egyptian startups claimed the third spot in terms of capital received and the first in Africa, raising a total of 4.8 million during the period.
In the cumulative H1 stats, Egyptian startups raised $31.8 million compared to a combined $1.6 billion in the MENA region.
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