The Cairo-based startup Elves has raised $2 million in seed funding from Egyptian VC fund Sawari Ventures. According to Menabytes, part of the investment was received in February and the other in July. Sawari Ventures was the investor in both cases. If we are to factor in this recent investment, the startup will have thus far raised $5 million. In 2017, Elves raised a record sum of investment in what was MENA region’s largest seed round. The investors behind that investment were Emaar Ventures, Dubai Angel Investors, and Kauffman Fellows Syndicate.
For an app whose first version was launched in the United States in 2015, then relocated to Egypt in 2016. Founded by Egyptian entrepreneur Karim Elsahy and his wife when they relocated to Cairo. The duo realized the potential for Elves services in Cairo a city of 25 million people.
How it works
The app operates helps save users time and effort they would have invested in making payments, buying stuff, you name it. The Elves are real humans backed by AI and tech willing to help you do anything. Users can order and purchase gifts, groceries, medicines, or TVs.
With customer service interaction poised to shift virtual soon, Elves seems to be ahead of the curve, offering customer support and commerce options. Having invested significantly in the travel industry, the app had to pivot their revenue streams to safeguard themselves from over-exposure during the Covid-19.
Despite all the uncertainties brought about by the hectic 2020 business climate on startups, Elves recorded a 500% in subscription over the past 6 months.
Ahead in the adoption of technology
In an effort to revamp its adoption of machine learning, the Elves just appointed Dr. Mohamed El-Beltagy as their CTO. In a statement shared with Menabytes, Wael Amin (partner Sawari Ventures) disclosed their impression with the startup’s AI and human concierge capabilities including the scalability and versatility of her competitors.
Accolades received by Elves
- Took 6th position in Forbes ranking of ’20 Most Promising Egyptian Startups.’
- Got a shout-out from Facebook COO, Sheryl Sandberg.