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ArabFinance: Seed and early-stage venture capital firm Sequence Ventures is planning to invest EGP 150 million in 10 technology startups in 2022, Al Mal News reported, citing the firm’s Managing Partner Mohamed Fahmy.
The subscription of Sequence Ventures’ Egypt Deep-Tech fund has collected EGP 150 million, Fahmy revealed.
The collected amount was contributed by Misr Insurance Holding through its subsidiaries Misr Life Insurance and Misr Insurance, along with contributions from both Export Development Bank of Egypt and Attijariwafa Bank, he added.
Fahmy noted that there will be two other phases of the subscription to collect EGP 150 million and EGP 200 million, respectively.
The top official said that Egypt Deep-Tech’s investments will kick-off in May with an average deal value of up to EGP 17 million.
Founded in 2020, Sequence Ventures is a seed and early-stage venture capital firm focused on investing in young entrepreneurs building promising startups with an opportunity to scale.
