A15, a major MENA venture capital firm, has announced that it is the first investor in Sympl, one of Egypt's newest start-ups to successfully debut, which is poised to disrupt the country's consumer payments sector.
A15 is a critical partner in terms of money investment as well as knowledge and experience, as it focuses on tech start-ups and has a lengthy track record of generating value for FinTechs. A15 makes early investments in its portfolio companies, working directly with the founders to build value through several channels. A15 not only provides a crucial support network for founders, but it also assists start-ups with operational issues such as product development and technology integrations, as well as planning for future fundraising rounds and exit plans.
A15's cooperation with Sympl, whose co-founders have co-founded major consumer finance startup ValU and B2B commerce platform Capiter, puts both companies in a strong position. The venture capital firm was able to support the development of the Sympl checkout platform and effectively help bring it to market thanks to A15's early investment in the company. Both companies will work together to continue driving innovation in Egypt's payments sector and contribute to the country's continuous commitment to a cashless society.
"At A15, we are committed to collaborating with excellent founding teams in the very early stages of their companies, when we can work closely together to uncover value," said Karim Beshara, General Partner. We take pleasure in our tight ties with the founders and their teams, which we have nurtured since their inception as members of the A15 family. We're proud to have been a part of Sympl's early success and to have backed them from the start. We are looking forward to continuing our strong relationship and growing the company."
"A15 has been a critical partner in the early phases of our growth," stated Mohamed Elfeky, Sympl's Chief Executive Officer. Their help with product development, tech integrations, and connections to their startup community were critical to our early success. We are excited to continue working with them to promote innovation, create innovative solutions for businesses and consumers, and help Egypt transition to a cashless society."
A15 is a significant booster of entrepreneurship and innovation in the MENA area, having made over 30 investments to date. A15 announced in September 2018 that it had sold a 76 percent stake in its FinTech portfolio company, TPAY, to leading African private equity firm Helios Investment Partners, making it the first fund in the MENA region to create a "Dragon" – an exit that returns the value of the entire fund through realised proceeds from a single investment.
Sympl's "Save your money, pay later" checkout platform was successfully launched in October with the help of A15, through an exclusive agreement with prominent Apple reseller Tradeline, just in time for the debut of the new iPhone 13. Other strategic alliances have been formed with major shops in the electronics and appliances (2B), jewellery (Al-Mawardy Jewelry, Damas, and Jawhara), car parts (Your Parts), hypermarket (Hyperone), and a variety of other categories, including furniture, fashion, travel, and medical services.
Since its inception, Sympl has had a lot of interest from clients who are leveraging Sympl technology on current merchant platforms, as well as a long list of merchants interested in partnering to incorporate Sympl to improve their consumer checkout experience.