Egyptian venture capital (VC) firm Sawari Ventures has announced it has raised a EGP1 billion (US$63.8 million) fund for investments in innovation-driven startups.
Founded in 2010, Sawari Ventures invests in technology companies across the ICT, hardware, education, healthcare, cleantech and fintech spheres. Led by Ahmed Al-Alfi, Hany Al-Sonbay and Wael Amin, it has invested in more than 30 companies, including the likes of Swvl, Instabug and Si-Ware.
Its new fund has secured new commitments from Misr Insurance Group, Ekuity, National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank. Previous investors include the European Investment Bank (EIB), CDC, Proparco, DGGF and Sango.
Al-Alfi said Sawari Ventures is regulated by the Financial Regulatory Authority of Egypt (FRA), which allowed it to attract capital from top tier local financial institutions to co-invest with foreign capital from international development financial institutions, doubling its allocation to invest in Egyptian high growth companies.
“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 specialised team, and the value add of our investors.”