The pre-seed round will help the fledgling startup to scale its unique, versatile and adaptable business solutions.
Xpovi, a self-proclaimed robo-advisory startup that offers autonomous business and financial planning services, has announced the close of a $300K pre-seed investment as it looks to scale its unique solutions.
Founded in May, 2021 by Mostafa Hisham, Mohamed Marei and Taher Seif, the startup kicked-off its operations with the launch of its ‘Automated Business Planning’ solution, which looks to enable early-stage startups to form their business plans and financial models through a web-based questionnaire.
With the questionnaire utilising a seemingly simple multiple-choice format and the business planning designed in Excel format, it all might sound a little primitive. However, Xpovi uses artificial intelligence and machine learning to enable data-sorting automation and financial model building, as it looks to merge the art and science of financial modelling with more traditional business planning to democratise accessibility to bespoke advisory services.
The enterprise software solutions sector across the MENA region has experienced something of a rise in investment, despite 2021 only seeing three more investments than 2020. However, in terms of actual capital invested, it experienced a 1,053% YoY increase. Much of that increase can be credited to KSA startups, with one of the biggest deals, Ufonic’s impressive $125 million raise in September 2021, accounting for just over 60% of all funds raised in the sector. Ultimately, however, capital investments in the sector have played in comparison to the juggernauts that are fintech and ecommerce, despite notable raises such as September’s $30 million Series B funding for UAE’s Leena AI.
As for Xpovi, the startup intends to channel the investment into improving its data-automation, artificial intelligence and user experience, as it looks to offer its services to 4 Million micro, small and medium enterprises operating across Egypt.