Egypt has long had the potential for innovation and more money is flowing into the region as regional centres spring up to service the burgeoning class of entrepreneurs.
Sawari Ventures said it would invest LE1bn ($63.6m) from its latest fund after commitments from local insurer Misr Insurance Group, Ekuity, a local investment company fully owned by sovereign wealth fund Kuwait Investment Authority, and banks National Bank of Egypt, Banque Misr, Banque du Caire and Suez Canal Bank. Sawari had been funded by development agencies European Investment Bank, CDC Group, Proparco and Dutch Good Growth Fund.
Separately, Algebra Ventures said it would raise $90m for its second fund this year. In 2017, Algebra closed its first fund at $54m from limited partners including US-listed network equipment maker Cisco, the European Commission, Egyptian-American Enterprise Fund (EAEF), European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and private family offices.
The EBRD is increasingly looking at supporting startups in the Southeast Europe and Mediterranean rim through its Star Venture programe of direct investments as well as established LP program in VC funds.
Egypt-based startup Avidbeam was part of the EBRD’s delegation attending the GCV Digital Forum in January and read more in our latest special report.
