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What is driving Egypt's current startup boom?


What is driving Egypt s current startup boom?
Image courtesy of Shutterstock
It comes at a time when deal flow and investment in the country is rising. In the first quarter of this year, 34 Egyptian startups raised $22 million, double the amount raised by 24 startups in the fourth quarter of 2020. These two new funds are likely to further invigorate the ecosystem by providing much-needed investment for the country s startups.
“We are super excited about the growth of the entrepreneurship space in Egypt,” says Karim Hussein, managing partner at Algebra Ventures. “We ve made 21 investments out of the initial fund and we re seeing remarkable growth with some of our more portfolio businesses reaching significant market caps and significant recurring revenues. As we see today, in our pipeline of entrepreneurs and opportunities, we realised that we need to double down more on more similar opportunities.” ....

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Egyptian VC firm Sawari Ventures finally closes $71M fund for North African startups – TechCrunch


Egyptian VC firm Sawari Ventures finally closes $71M fund for North African startups
Egyptian-based VC firm Sawari Ventures has closed its $71 million fund for North Africa’s rapidly growing startup ecosystem.
The firm first announced its fund in 2018, when it closed an initial $35 million (which subsequently increased to $41 million) in hopes to close at $70 million, per Menabytes. The investors in the first tranche included CDC (which forked over $12 million), European Investment Bank, Proparco and the Dutch Good Growth Fund.
Having closed an additional $30 million, Sawari Ventures’ total raise is $1 million more than its original target. And it has added a range of new backers that includes Banque Misr, Banque du Caire, Ekuity, Misr Insurance Group, National Bank of Egypt and Suez Canal Bank. ....

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