Egypt’s Xpovi, a robo-advisory startup offering autonomous financial and business planning services, has closed a US$300,000 pre-seed funding round to help it scale.
Established in May 2012, Xpovi, a questionnaire that is interactive and simple to answer introduces business planning solutions. This product uses artificial intelligence and machine learning to automate data sorting and build financial models.
Xpovi business planning is in Excel format. The construction of the plans takes place automatically as users provide answers. The business plan includes four detailed sheets – forecast financial statements, assumptions, addressable clientele, and scenario analysis. A user manual is included in the deliverables to help users quickly iterate and pivot as their business conditions change.
Pre-seed funding is provided by a group of strategic angel investors. It will be used to accelerate Xpovi’s growth.
“We are grateful for our investors’ early-on belief in Xpovi’s vision and founding team, and the support we received while venturing into a greenfield. We have been able to expand our team and launch our first automated business planning web application through the pre-seed round. Over the upcoming few months, we plan to upscale Xpovi’s data automation, artificial intelligence, and user experience. In preparation to offer our services to four million micro, small and medium enterprises operating in Egypt in a feasible and time-efficient manner,” said Mohamed Marei, Xpovi’s CEO.