Tanmiya Capital Ventures to launch second fund targeting medium-sized enterprises

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Egypt - Tanmiya Capital Ventures, a leading investment firm in Egypt, is preparing to launch its second fund, “TCVII,” with a target size of up to $100m. The fund will focus on investing in medium-sized enterprises with high growth potential.

The company’s managing partner, Mohamed Mahgoub, told Daily News Egypt that the final size of the fund will be decided after the offering period closes. He added that the company’s recent exit from its stake in Abu Auf Food Company, a leading producer and seller of coffee and snack products, was motivated by its intention to launch the second fund. The company used the proceeds from the exit to seed the new fund.

Meanwhile, Agthia Group, a UAE-based food and beverage company, announced on Sunday that it had completed the acquisition of an additional 10% stake in Abu Auf Group, raising its total stake to 70%. The deal was valued at $22.36m, or EGP 690.79m, according to a disclosure on the Abu Dhabi Securities Exchange website.

The Auf family will remain as minority shareholders in the company and will cooperate with Agthia Group to ensure a smooth and seamless transition.

Agthia Group acquired 60% of Abu Auf Group in 2022, expanding its presence in the Egyptian market. Abu Auf Group was founded in 2010 and operates in six business segments: coffee, nuts, kitchen essentials, dates, dried fruits, sweets, and biscuits.