Egypt blockchain startup Elkrem closes $75k from ConsenSys Ventures

Elkrem, a Cairo-based blockchain startup has closed a $75,000 round. The investment came from Tachyon, an accelerator by Consensys Ventures.

The investment follows Elkrem being admitted into Tachyon accelerator program, together with 16 other companies, which kicked off on September 07, 2018 in San Francisco.

The startup will use the investment to globally launch their first product, the blockchain development board, through Kickstarter in 2019.

In January 2018, Elkrem raised a $250,000 in a round led by Endure Capital. 500 Falcons and angel investor Khaled Alashmouny - a hardware designer at Apple also participated in the round.

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This, thus, brings the startups total amount of funding raised to date to at least $325,000.

Founded in 2017 by Amr Saleh (CEO) and Islam Mostafa (CTO), Elkrem is yet to go to market according to the message on their website.

Though, it describes itself as a provider of "hardware and software tools for developers to build Blockchain connected IoT products." The startup is working on a hardware product that will make it easy for IoT devices to interact with the Ethereum blockchain.

Earlier this year, ConsenSys launched the blockchain accelerator which is a 10-week accelerator program. The aim is to take early-stage blockchain projects from idea to a viable product. So far, it has taken in 22 companies in two cohorts.

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