AlMaqarr Coworking Space succeeded in collecting financing amounting to $7,500 last March through the social financing platform Zoomaal, thus helping to secure its planned expansion of services.
The company, which provides informal office space for start-ups and entrepreneurs, is planning to expand its services in Greater Cairo in order to serve the largest number of Egyptian entrepreneurs, according to a source at AlMaqarr.
The source said the company is hoping to increase both the working space provided and the office equipment and computer software required for its customers’ business activities.
AlMaqarr rents co-working space at prices ranging between EGP 1,500 and EGP 2,000. More than 35 start-ups and entrepreneurs use the service.
The company seeks to provide a solution for small-scale business operations that cannot normally afford to lease or buy office space.
Zoomal is an electronic platform for social financing services, helping start-ups and entrepreneurs overcome the lack of finances in the early stages of operations.
Clients present their proposed projects and service offerings via Zoomal and state the amount of investment needed, detailing how the money will be spent. Individual Zoomal users can then choose to provide funding for those projects.
