Agel, an Egyptian startup specializing in Islamic invoice financing, has successfully concluded a pre-seed funding round, securing a significant undisclosed amount. The funding will be utilized to launch tailored, digital, cashless, and Sharia-compliant financing solutions, including Murabaha, a cost-plus financing model adhering to Islamic principles.

Established in October 2021 by Abdelrahman Saeed and Ahmed El Sherbiny, Agel aims to empower merchants by providing them with the necessary financing to procure goods and supplies for their trade from a network of industry-specific suppliers. The platform also assists suppliers in boosting their sales by facilitating credit-based transactions through its user-friendly app. During its inaugural year, Agel focused on Egypt's thriving $15 billion textiles industry, establishing itself as the largest network for fashion-oriented suppliers. The company plans to expand its services to other lucrative sectors as well.

The recent pre-seed funding round was led by prominent investors, including Plus Venture Capital (+VC), Seedstars International Ventures, and Flat6Labs. SEEDRA Ventures, Banque Misr, and notable angel investors also participated in the round. Agel's CEO, Abdelrahman Saeed, expressed gratitude for the support from these regional investors, highlighting their financial backing and industry expertise. He believes their confidence in Agel's business model will enable the company to achieve its objectives and elevate its operations to new heights.

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The newly secured funds will be deployed to obtain the necessary licensing to operate as a non-banking financial institution, accelerate the development of advanced products to cater to the growing customer base and expand Agel's presence to major cities across Egypt. Additionally, Agel plans to launch a co-branded banking card service for merchants in collaboration with Abu Dhabi Islamic Bank (ADIB), along with other value-added services.

Hasan Haider, Managing Partner at +VC, expressed excitement about investing in Agel and highlighted the startup's remarkable growth potential. Recognizing the limited financing options for micro, small, and medium-sized enterprises (MSMEs) in Egypt, Haider emphasized that Agel offers an innovative solution for convenient and Sharia-compliant payment alternatives. As Abdelrahman and his team continue to enhance the platform's capabilities and expand their services to major Egyptian cities, +VC looks forward to supporting Agel's pioneering position in the Islamic FinTech space.