Egypt’s Nawah Scientific Gets USD 1 Mn Funding Boost From Endure Capital
Egyptian research startup, Nawah Scientific, has secured an investment worth USD 1 Mn in a pre-Series A round led by Endure Capital, with 500 Startups, Averroes Ventures, Egypt Ventures, and angel investor, Dr. A. Abdelhamid, also joining the funding round. This is the first time the startup is raising external investment.
Nawah Scientific is a Cairo-based startup that appears to be carving a niche for itself in the area of scientific research. The startup which was founded in 2015 by Dr. Omar Sakr; a PhD holder in the field of Pharmaceutical Sciences, boasts a collection of advanced equipment that is suited to the research and development needs of both natural and medical sciences.
Nawah Scientific helps scientists and universities who do not have access to sophisticated equipment and facilities carry out critical research tests that would be otherwise improbable or too much to ask.
The startup goes about this by receiving experiment requests via its online platform. Through a courier, the test samples are moved under prime conditions from the address of the client that made the request to premises of the startup.
A team of competent in-house scientists then take the reins from that point onwards as the required tests are carried out and the test results are relayed to the client via the startup’s online platform. Through this simple but effective mode of operation, Nawah Scientific is able to cater for the needs of researchers as it affords scientists access to top-notch research facilities, whilst fostering scientific research in both Egypt and beyond.
Having been established barely three years prior, Nawah Scientific claims to have offered its services to clients within and outside Egypt. So far, the startup claims to have analyzed as many as 15,000 samples from 32 universities. But the services of the startup do not stop at scientists and academia as it also carries out complicated research projects and simple analysis for chemical and pharmaceutical companies.
Commenting on the development, Dr. Omar Sakr, Founder and CEO of Nawah Scientific, tethered his motivation for establishing the startup to the need to make access to cutting-edge research and high-tech equipment more available.
He also noted that a lot of time that should otherwise be put into meaningful work is spent by scientists shuttling between cities and universities to have their samples tested. And in the process, yielding unreliable research projects that are shallow at best. According to the CEO, this has put a strain on the trust between industry and academia resulting in a poor ‘research-to-product’ conversion rate. He, however, believes that the startup is now better poised to fix these problems.
With the latest development, Nawah Scientific has now become one of the first life sciences startups in the MENA region that has achieved success in raising significant investment. Since its inception, the startup has posted an impressive year-on-year growth and this can be thought to have gone some way towards attracting and closing the investment deal. And this bodes well for other science-based startups in the region as the company appears to have broken the proverbial glass ceiling.
Speaking with regards to the investment, Tarek Fahim, Managing Partner of Endure Capital, opined that biotech startups share a lot in common with software startups before AWS and rapid development tools. He also stressed the importance of infrastructure players who can push boundaries to the growth and sustainability of biotech enterprises, stating that they can help “lower cost for starting and increase the speed of prototyping.”
Egypt Ventures; a VC that was launched recently by Egypt’s Ministry of Investment, is believed to be the biggest investor in this round. Hema Ali, Managing Director of the newly launched VC, expressed the company’s excitement at being part of the startup’s journey as it looks to scale its offerings and expand into new markets.
It was this time last year when Nawah Scientific clinched the grand prize in the pitch competition at the 2017 RiseUp Summit. Having emerged winners of the competition, the startup roped in a USD 50 K cash prize.
Now, barely a year on from that night of blitz, the startup appears to be holding its own quite well, and the latest investment worth USD 1 Mn (which is quite substantial given that the startup is raising external capital for the first time) is a testament that Nawah Scientific is on the right track, as this connotes investor confidence.
Plans related to expanding the startup’s services and growing its marketing activities outside of Egypt are expected to get most of the attention with the latest capital injection.
Feature image Courtesy: Nawah Scientific
