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Tue 27 Mar 2018 10:51 AM

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MENA start-up platform Magnitt closes $1m in seed funding

Funding will accelerate development and expansion plans regionally and abroad

MENA start-up platform Magnitt closes $1m in seed funding, the regional investment data platform for investors, entrepreneurs and corporates, has raised $1 million in funding from international and GCC-based investors.

The new funds will be used to accelerate the platform’s growth and development in the region and across emerging markets.

Through a subscription model, Magnitt provides users with a data platform and allows start-ups and investors to connect directly.

Founder Philip Bahoshy said the company will eventually extend its geographical reach by expanding outside the region where it will look to solve similar pain points.

The investment round was led by 500 Startups, one of the most active venture capitalists in the region by number of investments, as well as other regional VCs and angel investors including Middle East Venture Partners, KISP Ventures, Financial Horizon Group and iNet.

Sharif El-Badawi, partner at 500 Startups, said, “At the heart of understanding an industry or building a nascent, fast evolving ecosystem, is knowing who the actors are and the activity taking place. Accurate data and objective transparency for startups, investors and enablers was almost non-existent before Magnitt.”

The platform, which allows startups to apply for funding directly to VCs and angel networks using their Magnitt profile, currently hosts 5,500 start-ups and 12,000 users, including 300 individual investors and 150 funding institutions.