(Ecofin Agency) – Egyptian Venture Capital firm Sawari Ventures obtained an additional $30 million for its fund dedicated to technology startups. The resources were provided by a group of banks (National Bank of Egypt, Banque Misr, Banque du Caire, Suez Canal Bank), Misr Insurance Group, and the investment company Ekuity Capital.
Before this operation, Sawari had mobilized $41 million from a group of investors, including the European Investment Bank, the British development bank CDC Group and Proparco, for its fund that seeks to grant seed investment for early-stage startups and support growth-stage ones.
“We aim 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 specialized team, and the value-add of our investors,” said Ahmed El Alfi (pictured), Founder of Sawari Ventures.
Launched in 2010 by Ahmed El-Alfi and two partners, Sawari Ventures is one of the biggest VC firms in Egypt with a portfolio of more than 30 companies (Swvl, MoneyFellows, and Instabug included).