Agzakhana.com, an Egypt-based online pharmacy start-up, has raised an undisclosed amount of series A funding from Vodafone Ventures Egypt, which has acquired a 22.22% stake in the business.
Mohammed Al-Ayouti, manager of Vodafone Egypt’s Xone incubator, said that he had been “working closely with the startup.”
Ahmed Shabana, who co-founded Agzakhana.com in 2008, said that he considered the Vodafone investment to be an achievement “in light of the political tension and violence the country is witnessing.”
Vodafone Egypt launched its $20m Vodafone Ventures investment fund in June 2012, with the aim of investing in small ICT companies; it also launched its Xone incubator at the same time.