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A newly launched angel investor network aims to tackle the gap in seed funding in the Mediterranean region, which encompasses North Africa.
So, says Tarek El Kady, the founder of Med Angels, the first Mediterranean-wide angel investor network.
The organisation was officially launched in Monday (30 September) at Techne Summit in Alexandria, Egypt.
Med Angels was founded by El Kady, who is an Egyptian investor as well as founder of Alex Angels and Techne Summit.
The new association aims to bring together multi-country angel networks, regional enablers, funds and diaspora investors from countries that include France, Spain, Greece, Tunisia, Morocco, Egypt and Lebanon, among others.
Med Angels was founded by Techne Summit’s Tarek El Kady
The angel network aims to co-ordinate with relevant funds from the EU, Africa and Middle East and North Africa regions, while helping other angel networks in the region to add more members and close more deals. In addition, the network also aims to launch an accelerator programme.
El Kady said in a statement on Tuesday (1 October) that the establishment of the network is crucial to fill the gap in seed funding not only in each individual country, across countries bordering the Mediterranean Sea.
“Building a network of trust that promotes cross border investment through syndication is very much needed and will strongly connect Africa with Europe and the Middle East,” he added.
Attendees of the Med Angels launch event included presidents and executives from angel networks in Tunisia, Egypt, France and Spain.
These included Carthage Business Angels president Nazeh Ben Ammar, Alex Angels co-founder Loay El-Shawarby, Sophia Business Angels president Marcel Dridje, Business Angels Network Catalunya president Albert Colome and DeInvesteerders Club managing partner Keith Wallace.
Featured image: Med Angels founder Tarek El Kady (Twitter)