Cairo-based venture capital firm Sawari Ventures will launch a new fund to back start-ups in Egypt with an investment goal of around $150 million.

The Egypt-based company is targeting several sectors, including financial technology (fintech), education, healthcare, green technology and deep technology projects, news site Waya reported, quoting Sawari’s CEO and Co-founder Hani Al Sanbati.

Sawari has so far invested in around 500 start-ups since its inception in 2010. The businesses it has invested into include early and growth-stage companies in Egypt, Tunisia and Morocco, according to its website.

A significant portion of its portfolio (35%) is allocated to the fintech sector.

Al Sanbati noted that the VC firm looks to help establish Egypt as a major investment hub in Africa and the broader region.

According to estimates, Sawari-backed start-ups have the potential to raise $350 million to $500 million in investments over the next five years.

(Writing by Cleofe Maceda; editing by Seban Scaria)