🇪🇬 Say hello to Sawari Ventures! They’re a a leading Egyptian VC firm that intends to launch a new $150 million fund to back Egyptian startups.
📖 Background
The firm has directly backed over 30 companies, including Swvl, MoneyFellows, Instabug, Si-Ware, and Elves.
Flat6Labs, a leading accelerator in the Middle East & North Africa, was also founded by Sawari Ventures in 2011.
⚙️ Break it down
The new fund will focus on sustainable growth in Egypt in sectors like fintech, edtech, healthtech, cleantech, and deeptech.
Managing partner, Hany Al Sanbati, affirmed that despite Egypt's economic challenges, the present period is still an opportune time for investing in Egyptian startups, emphasising that investors are committed to supporting local startups and that present challenges won’t impede their long-term growth.
🔥 Egyptian startups
A number of tech startups in Egypt have announced funding so far in 2024, including; Zeal, Bosta, DXwand, Yodawy, and Roboost.
🔮 Flashforward:
Sawari Ventures forecasts that Egyptian startups it backs could attract investments between $350 million and $500 million over the next five years.