Egypt’s Tagaddod Raises $26.3 Million Series A to Accelerate Regional Cleantech Expansion
Egyptian cleantech innovator, Tagaddod, has successfully closed a substantial $26.3 million Series A funding round, signaling a significant boost for its mission in the renewable feedstocks sector. The round was spearheaded by The Arab Energy Fund (TAEF), a prominent multilateral impact financial institution committed to sustainable development. This considerable investment is poised to fuel Tagaddod’s ambitious plans for regional expansion, advancements in artificial intelligence-driven technology, and crucial infrastructure development, further cementing its position as a key player in Africa’s burgeoning green economy.
Powering the Future: Tagaddod’s Innovative Platform and Strategic Growth Plans
Established in 2013 by co-founders Nour El Assal and Ahmed ElFarnawany, Tagaddod operates a sophisticated, technology-powered platform dedicated to the circular economy. This innovative system specializes in the collection, meticulous tracing, and rigorous certification of various renewable waste-based feedstocks, including used cooking oil, acid oils, and animal fats, sourced from an extensive network of thousands of suppliers. With an existing operational footprint spanning Africa, Asia, and Europe, including strategic locations like Jordan and the Netherlands, this fresh capital injection will primarily facilitate Tagaddod’s expansion into new geographical markets. Crucially, a portion of the funds will be allocated to advanced AI-driven technology development, enhancing the platform’s efficiency and capabilities. Furthermore, the investment will support essential infrastructure build-out, critical for handling ever-increasing volumes of waste-based feedstocks, ensuring scalability and operational excellence. The Series A round also saw active participation from notable investors such as FMO, VKAV, A15 Ventures, alongside continued support from existing backers.
This significant funding milestone underscores investor confidence in Tagaddod’s innovative approach to generating sustainable energy resources from waste. The $26.3 million Series A not only empowers Tagaddod to scale its operations and technological prowess but also highlights the growing importance of African cleantech solutions on a global stage, driving forward the transition towards a more sustainable and resource-efficient future.
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