Egypt-based Glint reaches initial close of second fund at $3m
TLDR
- Glint, a consulting and investment firm based in Egypt, achieves first close of its second venture fund at $3 million, backed by Wadi Degla Group.
- The new fund focuses on startups using a venture studio model to nurture innovative Egyptian companies with expansion potential.
- Glint targets investments in Seed to Series A stages, with ticket sizes between $250K to $500K, supporting successful businesses like Darwinz.ai, Iqraaly, Wasla, Kashier, and Filkhedma.
Glint, a boutique consulting and investment firm in Egypt, has reached the first close of its second venture fund. With an initial close of $3 million, supported by Wadi Degla Group, Glint's new fund will concentrate on startups through its proprietary venture studio model.
The fund aims to aid innovative entrepreneurs in developing disruptive, technology-based Egyptian companies capable of expanding into regional and international markets. It targets investments between the Seed and Series A stages, with ticket sizes ranging from $250K to $500K.
Having launched six years ago, Glint has played a pivotal role in supporting numerous successful businesses, including Darwinz.ai, Iqraaly, Wasla, Kashier, and Filkhedma.
Key Takeaways
Egypt's startup ecosystem stands out as one of the most robust in North Africa, achieving a position among the top 100 globally. This success is attributed to a surge in venture capital funding and the implementation of startup-friendly policies in recent years. The proliferation of tech incubators and global accelerators has played a pivotal role in fostering the growth of the technology sector. Several venture capital firms and government-backed initiatives are instrumental in providing funding and support to startups in the country. Noteworthy among these is Egypt Ventures, a government-backed entity aimed at fostering innovation by supporting technology-based startups. Additionally, Nclude, a fintech fund supported by Egypt's major banks, and Global Ventures are contributing further investments to Egypt's technology sector.
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