Rinchi
TechInAfrica – Alexandria-based mobile game development startup, Cryptyd, has raised an undisclosed pre-Series A funding round from Cairo Angels and Alexandria Angels. According to the startup, the investment will be used to expand its business to the MENA region.
Cryptyd was founded by Ahmed Alaa and Amera Ahmed in 2015. To date, the startup has developed five mobile games and currently developing two more games expected to be launched in the next few months.
“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,” said Ahmed Alaa, the Founder and CEO of Cryptyd.
He added, “Alexandria Angels has proven to be very helpful in 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 the 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 game.”
Commenting on the new investment in the startup, Cairo Angels said: 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.”
Meanwhile, Zeina Mandour, General Manager at Cairo Angels, remarked: “We are confident in the Cryptyd team and 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,” Mandour concluded.
Source: techawk.com.ng
