Egypt-based mobile games development studio Cryptyd has raised a pre-Series A funding round from The Cairo Angels and Alexandria Angels network.
Founded in 2016 in Alexandria, Cryptyd has developed five mobile games to date and is looking to launch another two over the coming months with the help of this latest round of investment. The company will also expand its product development and target more markets as wells enhancing its marketing capabilities across the Middle East and North Africa (Mena) region.
“This Pre-Series A investment will reinforce our position in the Mena mobile gaming landscape and will accelerate our ability to improve our product and overall user experience,” said Ahmed Alaa, chief executive officer at Cryptyd. The company was recently selected by Google to participate in the Google play Indie Accelerator Programme 2019 in Singapore and was among 30 companies selected out of 1700 applicants from 37 countries.
For Cairo Angels, this is the second gaming company it has invested in.
“The [gaming] industry is gaining momentum and investment in such companies leads to higher levels of innovation, clustering of talent and display of pure artistic abilities,” the network said in a statement.