About InterAct Labs:
InterAct Labs is a tech startup based in Cairo, Egypt. It builds software and hardware products that encourages and boosts collaboration, engagement, and effectiveness. The company has received several awards, including Startup Mena, Intel Business Challenge awards, and others.
InterAct Labs have The Nest, a digital event, to thank for securing funding to the tune of $60K, in the just concluded zoom-based program. The Nest is similar to Shark Tank, and it is organized weekly.
The Nest offers startups the opportunity to pitch their businesses to angel investors. Every week, three startups are given a chance to pitch. In addition to angel investors, individuals, or organizations interested in investing in promising startups are allowed to listen to their pitches. The event is conducted via zoom and was inspired by the COVID-19 pandemic.
Success Story of the Nest
As of the time of writing, a total of four episodes have been conducted. It was also the fourth episode that InterAct Labs received its funding commitment. So far, Africa-based startups have received a whopping $135k in funding from the Nest event.
Besides InterAct Labs, other Africa-based startups that participated in the fourth edition of the events are Julaya, a startup based in Ivory Coast, and MPost, a Kenya-based startup.
The organizer of The Nest and CEO of UNTAPPED, Jim Chu, has made it clear that the digital event will continue to be held every Thursday, as the COVID-19 pandemic lingers. But it will be organized once per month in the post-COVID-19 era.
The organizer also has plans to make the digital event’s operating model open source so that others can bring in their innovativeness to make it more robust.