AUC Venture Lab Graduate Receives Investment from AUC Alumna
Haytham Ragab, one of JewelHub's co-founders, pitching at the AUC Venture Lab Demo Day 6
By Maram Shalaby
JewelHub, an online platform for fashion jewelry shopping, has recently received an investment for an undisclosed amount from one of AUC Venture Lab's (AUCVLab) newest mentors, Nada El Mosalamy, right after graduating from the accelerator's sixth cycle, sponsored by the Arab African International Bank (AAIB).
El Mosalamy has always been interested in fashion and spent a summer interning for Vogue. After graduating from AUC, she started working in several fields in business development, and then joined the American Chamber of commerce (AMCHAM) in Egypt after some time. Eventually, she decided to start her own fashion company, Cool and Comfy by Nadz, and at the same time, wanted to give back to the AUC community where she was introduced to the AUC Venture Lab.
“We always welcome AUC alumni to join our network and get introduced to our entrepreneurs who will in turn, mentor them through their journeys and sometimes even invest in their companies,” said Ayman Ismail, Abdul Latif Jameel Endowed Chair of Entrepreneurship at AUC's School of Business and AUC Venture Lab’s director.
El Mosalamy had just started mentoring at AUC Venture Lab when she met Haytham Ragab and Mohamed Ebeid, JewelHub’s co-founders. She liked their business idea and decided to invest in it.
"It has been a great opportunity to meet JewelHub through my mentoring at AUC Venture Lab. They have been great to work with and help grow. I am very happy with my investment with them so far, and I’m also collaborating with them for my fashion brand, Cool and Comfy by Nadz,” she said.
She added that she loved how excited and passionate Ragab and Ebeid were to grow when she first met them, and that these are the types of startups she liked investing in.
El Mosalamy believes that many people should help small businesses grow as this is what the country needs right now. She spends lots of her time mentoring startups, and has already invested in several successful ones such as ElWafeyat.com and Reform Studio.
On the other hand, Ragab and Ebeid were very thrilled to have El Mosalamy as a partner in their business, and said that she automatically believed in their team and idea.
“We wanted someone interested and passionate about the fashion business as we are,” Ragab said.
He then added that having El Mosalamy as a partner gave their startup a boost in terms of all the new connections and networking they did through her. She is constantly there to help whenever they need her, and always comes up with innovative ideas.
This partnership happened during the first e-commerce cycle sponsored by the Arab African International Bank, and Ragab said they were hoping they could partner with them to facilitate JewelHub’s online payment system.
“Arab African International Bank is pleased to extend support to a rising generation of Egyptian young entrepreneurs. We feel proud that we had the vision to become co-founders of AUC venture lab and see its potential early on 2013,” said Dalia Abdel Kader’s director of marketing and communications at the Arab African International Bank.
JewelHub has been expanding locally and internationally in several countries such as Switzerland and the United Kingdom. They have started shipping their products internationally after winning second place at the e-commerce website competition initiated by Aramex Egypt.
“We are pleased that JewelHub made it internationally in the middle of our bank’s E-commerce cycle,” added Abdel Kader.
JewelHub has just launched their new website featuring some Cool and Comfy by Nadz designs said El Mosalamy. Their platform aims to create a one-stop-shop for fashion jewelry in Egypt and hopefully, worldwide.
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AUC launched AUC Venture Lab (V-Lab) in 2013 which is the first university-based incubator in Egypt. It incubates early-stage and growth-stage startups that are chosen through a selection process that judges the novelty of the idea, the team’s track record and cohesion, scalability and potential for commercialization, as well as the team’s tenacity and commitment to success. Once selected, the startups benefit from training sessions, mentors, student internships and their presence at the AUC School of Business. They also play an active role in the AUC community and Egypt, sharing their entrepreneurial experience with students, faculty members, mentors and investors, as well as a global alumni network.