Egyptian agri-tech and IoT startup Renail has raised $450,000 in its latest funding round, signaling its rapid growth and ambitious plans for the future. CEO Hazem El-Tawab revealed that the company expects to secure contracts worth EGP 40 million in Q1 2025 and is gearing up to establish a manufacturing entity in Saudi Arabia.
Renail, which gained widespread recognition after its appearance on Shark Tank, had no prior advertising campaigns. El-Tawab’s decision to decline an offer of EGP 15 million for 30% equity from investor Yassin Mansour became a pivotal moment for the company. On the show, El-Tawab initially sought EGP 15 million for a 10% equity stake, a move that highlighted the company’s strong valuation aspirations.
Before the show, Renail had secured a $150,000 funding commitment. The visibility gained from Shark Tank helped boost the total to $450,000, showcasing the program’s impact.
With a goal to achieve a $1 billion valuation within five years, Renail is leveraging technology to solidify its position as a leading player in the agritech sector across the region.
