Investments

Egyptian mobile gaming startup Cryptyd raises Pre-Series A investment from Cairo Angels and Alex Angels

Alexandira-based mobile game development startup Cryptyd has raised Pre-Series A investment from Cairo Angels and Alexandria Angles, Cairo Angels announced in a statement to MENAbytes today without disclosing financial details of the deal. Cairo Angels had invested in Cryptyd’s seed round as well, in 2015.

Founded by Ahmed Alaa and Amera Ahmed, Cryptyd has developed five mobile games to date and is currently working on two more that are expected to be launched within the next few months. The games are available for users across the world with some of them targeting MENA-based audience. In addition to developing and publishing mobile games, Cryptyd, according to its website, also offers different services around game development to businesses.

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 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 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,” he added.

Cairo Angels that has invested in another Egyptian mobile games publisher as well believes that mobile gaming is 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 angel network said in a statement.

Zeina Mandour, General Manager at Cairo Angels, said, “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.”

Cryptyd will use the investment to enhance marketing and operations to grow throughout the MENA region, “The company is now well equipped to further expand attain significant stake in the gaming market.”

The startup also aims to further expand its product development and reach more markets.

MENAbytes covers tech and digital media stories from Middle East North Africa

We are trying to bring you all the latest happenings from startups to influencers, everything in tech and digital media from the region.

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