Egypt-based proptech Birdnest has closed an undisclosed round of pre-Series A funding to expand its local footprint in its home market and move into new ones.
Founded in 2020 by Mostafa El-Nahawy and Ahmed Fadda, Birdnest offers innovative furnishing services and rental management solutions to ensure maximum returns for real estate investors and value for tenants.
The startup has secured a pre-Series A round of funding from investors including Beltone Venture Capital and CI Venture Capital. Though the amount is undisclosed, it has been raised in exchange for a 20 per cent stake in the company, which now plans to expand its regional quality team, further develop its tech, and rollout “aggressive” marketing initiatives.
Birdnest’s strategic use of the funds is poised to significantly expand its local footprint in Egypt and scale its operations across key regional markets, including Athens, Dubai, and Riyadh.
“This partnership with Beltone Venture Capital, a venture capital firm with deep roots in investment banking, provides us with more than just capital. It equips us with the strategic financial infrastructure essential for our next phase of growth,” El-Nahawy said.
Ali Mokhtar, CEO of Beltone Venture Capital, said he was excited to support Birdnest and its leadership team to achieve their vision to lead and innovate the real estate sector in the MENA region.
“Birdnest has demonstrated strong operational performance, and with its ambitious expansion plans, it is well-positioned to become the leading proptech company in the region,” he said.
