Disruptech, a $25-million fintech fund, has invested in two Egyptian tech startups.
Tech publication Menabytes reported in an article yesterday that the fund has invested in Egyptian fintechs Khazna and Brimore.
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While the publication said the fund did not reveal the size of investments, it was able to say that each is a six-figure dollar deal.
Khazna was founded in April last year by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah, according to the company’s LinkedIn profile, which says the company “provides access to convenient, effective and secure smartphone based financial services”.
Egypt’s $25m fintech fund Disruptech has invested in two Egyptian startups
The startup’s LinkedIn profile says the company is led by a team with over 50 years of combined global experience in finance, corporate strategy and technology.
Last month Khazna announced it had raised an undisclosed amount in seed investment in a round led by Algebra Ventures and joined by Accion Venture Lab (see this story).
Brimore was founded in 2017 by Mohamed Abdulaziz and Ahmed Sheikha (pictured above). The startup’s online platform enables local manufacturers and suppliers to have nationwide coverage through a network of individual sales agents.
The startup raised $800 000 in a seed round last year from Endure Capital, Algebra Ventures, 500 Startups, and Flat6Labs (see this story).
While Abdulaziz declined to disclose how much Disruptec had invested in the startup, he told Ventureburn yesterday that the startup would “within a few days”, announce the full round of investment that Disruptech is part of it.
Menabytes quoted Mohamed Okasha, the managing partner of Disruptech, as saying that while Brimore is not a fintech per say, the startup could look at expanding into digital lending.
Read more: Egyptian fintech Khazna lands seed investment in round led by Algebra Ventures
Read more: Egyptian end-to-end distribution platform Brimore raises $800k seed round
Featured image: Brimore co-founder Ahmed Sheikha (YouTube)
