Cairo Angels, a global network of angel investors focused on supporting startup opportunities in the MENA region announces its most recent investment in Cryptyd.
Cryptyd, a mobile game development company established in 2016. The company has developed five mobile games to date; and is seeking to launch two games in the upcoming months. The new investors are affiliated with Cairo Angels and the Alexandria Angels. This is the second investment round for the company, with its seed investment raised in 2015 from The Cairo Angels.
Ahmed Alaa CEO of Cryptyd said “We’re excited to secure our second investment from Cairo Angels and Alexandria Angels. Cairo Angels’ previous seed investment has been vital and allowed us to launch our business. Cairo Angels has been an active partner with us and it was natural for us to turn into them as the lead investor for this round as well. Alexandria Angels have proven to be very helpful to closing this round and being Alexandria based, we are delighted to have Alex Angels backing. This Pre-Series A investment will reinforce our position in MENA mobile gaming landscape, and will accelerate our ability to improve our product and overall user experience. This investment will assist in the launch of our latest games”
The Cairo Angels continues to see exponential growth in the gaming industry, having invested in two gaming companies to date. The Cairo Angels is aligned with the Cryptyd team on their prospects for the market, believing that mobile gaming is currently experiencing monumental growth. The game development industry is becoming less of a niche arena, and is catering to a larger audience due to high smartphone penetration within the region. This is increasing overall industry revenue, while simultaneously increasing competition of game development companies exponentially. The industry is gaining momentum, and investment in such companies leads to higher levels of innovation, clustering of talent, and display of pure artistic abilities.
Given consumer expectations, game development costs have been very difficult to cut, as new technological integrations are being invented and implemented around the clock. The company aims to further expand its product development and target more markets. Funding will be used to enhance marketing and overall operations to grow throughout the MENA region. The company is now well equipped to further expand attain significant stake in the gaming market.
Zeina Mandour, General Manager at Cairo Angels, said: “We are ecstatic to have closed this investment round and to have co-invested in this opportunity with our partners, Alexandria Angels. We are confident in the Cryptyd team and in their ability to develop innovative games for MENA. Additionally, we are proud to see one of our portfolio companies raise another round from our network, as this shows investor assurance in both the company and the executive team. Cryptyd has displayed large development over the past three years, and we’re assured that this development won’t stop anytime soon. On another note, we would like to thank Alex Angels for playing an active role in this deal, as this marks our second investment with them. We look forward to closing more investments with them in the future.”
The Cairo Angels funding applications are open around the year on a rolling basis. To apply, click here.