Tech giant Samsung has reported its lowest quarterly profit in eight years this week an indicator to the weakened global economy to hit PC…
Cairo-based venture capital and private equity company Sawari Ventures has closed an Egypt-based fund of Egyptian pound 440-million with investment from Misr Insurance Group, Ekuity, National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank.
This paired with a previous investment of Egyptian pound 650-million from European Investment Bank, CDC, Proparco, and Dutch Good Growth Fund, and Sango has resulted in a fund size of $63-million (Egyptian pound 1-billion).
The fund will be used to invest in Egypt tech-based companies
Ahmed El Alfi, founder and Chairman of Sawari Ventures, comments on the funding secured and the fund aimed at investing in Egypt tech companies.
“The Egypt based fund is a privately-held fund regulated by the Financial Regulatory Authority of Egypt (FRA), which allowed us to attract capital from top tier local financial institutions to co-invest with foreign capital from international development financial institutions, doubling our allocation to invest in Egyptian high growth companies to one billion Egyptian pounds. Our aim is to create exceptional returns through investing in knowledge-driven companies, which have the potential of bringing transformational changes to the Egyptian economy. The fund will support local companies with dedicated capital, in addition to quality expertise from our seasoned and specialized team, and the value add of our investors.”
Founded in 2010, Sawari Ventures is a leading venture capital firm based in Egypt and is focused on supporting innovation and entrepreneurship in the region.
Led by Ahmed Al-Alfi, Hany Al-Sonbay, and Wael Amin, the VC claims to have invested in more than 30 companies, backing multiple successful technology companies such as SWVL , Instabug, and Si-Ware.
Basil Heni, Chairman and Managing Director of Misr Insurance Holding Company explains that the investment into the fund is directed as supporting SMEs in the region.
“Misr Insurance Holding Group, as the largest non-bank financial group in Egypt, was keen on this strategic partnership with Sawari Ventures, the leading company in managing capital funds. The partnership is directed towards emerging small and medium-sized enterprises, which is in accordance with the group’s role in supporting this vital sector in the economy. This is evident in the fact that we own the largest share in the fund.”
Featured image: Sawari Ventures, team (Sawari Ventures)