Investor Updates: Metaverse Magna raises $3.2m for its African gaming community

Metaverse Magna raises $3.2m for its African gaming community

Highlights

• Metaverse Magna (MVM), a blockchain gaming platform, has raised a $3.2 million seed sale token round to expand its efforts to build Africa’s largest gaming DAO and provide gamers with access to world-class opportunities.
• Launched in December 2021 by Nestcoin, Metaverse Magna is building its community of gamers as a gaming guild. It offers play-to-earn scholarships to over 1,000 gamers to play crypto games like Axie Infinity and Pegaxy.
• With this raise, MVM is pushing to cement itself as Africa’s pioneering and largest gaming network.

Source: TechCrunch

Our Takeaway

Gamers in sub-Saharan Africa increased to 186 million in 2021 from 77 million in 2015, per data from Newzoo, with 95% of the market on mobile phones, reflecting the continent’s improved internet access and affordable smartphones. Therein lies the opportunity for Metaverse Magna and it’s making a play for an untapped space; not many startups or platforms operate at the intersection of cryptocurrency and gaming on the continent. Since its launch, the Metaverse Magna has grown to over 100,000 members across its products and community. 

---

3atlana closes seed round to digitize auto care service in Egypt

Highlights

• Egypt-based car service app 3atlana, has raised a six-figure Seed round from Egypt’s automotive company Ghabbour Auto.
• Founded in 2020 by Sherif El Adham, Ahmed Hassan, and Amr Hesham, 3atlana provides services for car owners and drivers, including scheduling maintenance, roadside assistance, and a connection to nearby service providers.
• The new funding will be used to strengthen the startup’s AI technology feature that provides users with car service solutions.

Source: Wamda

Our Takeaway

Regular vehicle maintenance is not a common practice in Africa, despite the fact that most cars on roads are used/second-hand. In addition, the majority of existing service providers apart from official automobile service centers are not formally trained and lack adequate equipment, resulting in often inefficient and inconsistent service quality. 3atlana has set out to address this challenge through digitization, with the aim of developing high-quality vehicle maintenance culture in Egypt.

---

Egypt’s Carzami raises pre-seed funding from Contact Financial

Highlights

• Egypt-based second-hand cars marketplace Carzami has raised a pre-seed round led by Contact Financial Holding. The amount raised was not disclosed.
• Founded in 2022 by Hussein Hosny and Adham Hosny, Carzami is an online platform for buying and selling used cars that offers its customers 360-degree virtual tours and inspection reports.
• With the funding, Carzami seeks to continue growing its inventory, expand its fleet of delivery haulers, enhance its operational technology, build a productive team, and build a modern reconditioning facility.

Source: Wamda

Our Takeaway
With over 6 million cars on Egypt’s roads, the majority of which are passenger cars and second-hand vehicles, the northern African nation has one of Africa’s most extensive vehicle fleets. Like every populous developing country, the large market for used cars, which is dominated by unorganized dealers and classifieds, has attracted startups looking to digitize sourcing and distribution. Carzami operates with an understanding that the fragmentation and mistrust that characterizes the used car industry are unconducive for business growth.