Sawari Ventures plans new $150m fund to back Egyptian startups
TLDR
- Sawari Ventures to launch $150 million fund for Egyptian startups, targeting fintech, education, healthcare, green technology, and deep tech sectors.
- CEO Hani Al Sanbati sees favorable conditions for tech startup investment despite initial challenges.
- Economic circumstances won't deter stakeholder investments in Egyptian startups; growth trajectory remains promising.
Sawari Ventures, an investment firm, has unveiled plans to launch a new fund aimed at Egyptian startups, with a targeted investment sum of around $150 million, according to CEO and co-founder Hani Al Sanbati. Founded in 2010, with currently $70 million assets under management (AUM), to date, the firm has invested in 19 companies and two seed stage vehicles.
In an official statement, Al Sanbati underscored Sawari Ventures' focus on various sectors, including fintech, education, healthcare, green technology, and deep tech projects, anticipating sustained growth within these sectors in Egypt.
He emphasized that the current period presents favorable conditions for investing in technology startups, asserting that prevailing economic circumstances will not hinder further investments by stakeholders in these ventures. Additionally, Al Sanbati noted that while startups may face initial challenges, they are not expected to significantly impede their growth trajectory.
Key Takeaways
Projections indicate that startups backed by Sawari Ventures are poised to attract investments ranging from $350 million to $500 million over the next five years. This reflects a growing influx of venture funding into Egypt, which is one of the continent's 'Big Four' tech ecosystems in terms of venture capital investments. Over the past five years, Egypt has witnessed significant progress in its startup and tech landscape, rapidly ascending the ranks. In 2023, it secured the second position with 48 startups raising $100k or more. Despite experiencing a 20% year-on-year decline, Egypt's share of North African funding surged substantially from 72% in 2022 to 95% in 2023. This underscores the country's increasing prominence as a hub for innovation and entrepreneurial activity in the region.
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