Sawari Ventures to Launch $150 Million Fund to Back Egyptian Startups
The fund will contribute to a variety of sectors, including fintech, edtech and healthtech.
Egypt-based venture capital (VC) firm Sawari Ventures has announced plans to launch a $150 million fund designed to back homegrown Egyptian startups. The fund will target a variety of sectors, including fintech, edtech and healthtech, in anticipation of their sustained growth within the country, as well as their potential for regional expansion. Since its foundation in 2010, Sawari Ventures has backed over 30 companies as part of its MENA-focused strategy.
Across the VC firm’s entire portfolio, around 35% is made up of fintech investments, which focus on digitising the currently cash-centric Egyptian economy. Plans for the fund’s investments will aim to promote Egypt as an emerging hub for regional investment both in Africa and the MENA.
Projections suggest that startups supported by Sawari Ventures are likely to attract investments in the region of $350 million to $500 million over the next five years. These investments signal the continued popularity of investments in technology companies, even through uncertain economic conditions; investors are confident in the resilience of these startups, which are often insulated from the worst of financial difficulties.
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