Cairo - Mubasher: Egypt’s startup Pylon, an infrastructure management platform transforming electricity and water firms in emerging markets, has raised $19 million in a seed funding round.
Backed up by British Development Finance Institution (CDC), Endure Capital led the funding round, along with Cathexis Ventures, Khawarizmi Ventures, and Loftyinc Ventures, as well as various angel investors, according to a press release.
The startup will use the proceeds of the fundraise to seek further expansion into South-East Asia, Africa, and Latin America.
Part of Pylon’s objectives is to reduce water loss in emerging markets by up to 22%. The startup has been profitable while growing its business 3.5 times in 2021. CEO and Co-Founder of Pylon, Ahmed Ashour, said: “Our impact-driven vision of developing technology to better manage resources, eradicate inefficiencies, and remove pain points in the utilities sector raised a call-to-action and many responded.”
Ashour added: “With a $22 billion market opportunity, we provide a compelling model for investors who seek a fast-growing, profitable company, which, most importantly, has a significant impact on preserving our planet. Pylon’s ultimate goal is to benefit humanity, our clients, and our stakeholders.”
