EGX, the successful incubator that launched last year, has already made significant strides in the startup investment landscape. With a portfolio worth $100 million, EGX has provided backing to three promising startups: Willow, Reveal, and FLNT.
EGX focuses on supporting founders who aspire to achieve global reach with their ventures, offering Seed and Series A funding. The incubator places particular emphasis on cutting-edge areas such as digital twins, the Internet of Things (IoT), Artificial Intelligence (AI), data analytics, and sustainability technology, among others.
Sangeeta Venkatesan, the executive director of EGX, revealed that the incubator is now seeking to raise an additional $100 million over the next two years. In line with this expansion, EGX has plans to venture into the fintech sector. Venkatesan expressed excitement about the remarkable interest shown by external investors, especially since some of EGX’s portfolio companies are on track to becoming leading players in the global proptech industry. She emphasized EGX’s role in maximizing investors’ returns on investment by capitalizing on the potential of these high-growth market segments.
Adam Geha, CEO of EG, outlined the ultimate objective of EGX—to scale startups into thriving global enterprises, committing to support them until their initial public offerings (IPOs). Geha highlighted the ripe state of the real estate and property industry for disruption. As a real estate funds manager, EG is dedicated to innovation and the adoption of world-leading technology to deliver optimal, risk-adjusted returns for its investors. Thus, EGX was launched with the purpose of fueling the future of proptech and addressing industry challenges through collaboration between industry experts and entrepreneurs.
Among the startups already backed by EGX is Willow, an Australian-based company empowering asset owners and operators to make informed, data-driven decisions in real-time. Utilizing digital twin technology, Willow enables the growth of profits, expense reduction, and improved risk management. The company has already secured $58 million in funding and is expanding its global presence.
Reveal, a startup hailing from New Zealand, focuses on enhancing cities and engineering firms’ capabilities by creating accurate digital mapping of sub-surface infrastructure through their digital twin platform. Reveal’s solution facilitates increased accessibility, reliability, and connectivity, paving the way for a more advanced future.
FLNT, another EGX-backed startup, operates as a marketplace for commercial real estate intelligence. By aggregating and mapping various internal and external data sets into a centralized cloud-based data lake, FLNT enables users to efficiently search, subscribe, visualize, and analyze data at high speeds.
EGX’s remarkable progress in a short period underscores its commitment to driving innovation in proptech and collaborating with promising entrepreneurs to solve the industry’s future challenges.