Egypt's Sawari Ventures injects $10mln investments in H2
Egypt acquires $55mln of the total fund, and the rest is allocated for projects in Tunisia and Morocco
An employee counts Egyptian pounds in a bank in Cairo, Egypt, November 3, 2016.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
Egypt - Sawari Ventures plans to invest around $10 million in four startups before the end of the second half (H2) of 2021, Co-Founder and Managing Partner Wael Amin told Al Mal News on June 20th.
Amin added that the company injected investments worth $30 million of its $70 million fund to achieve exceptional returns though investing in the capital of technology companies.
Egypt acquires $55 million of the total fund, and the rest is allocated for projects in Tunisia and Morocco.
Amin further noted that Sawari Ventures is set to pump the remaining $40 million by the end of 2022.
In 2020, the fund financed startups in the Egyptian market with $18 million.
In April, Sawari Ventures announced the closing of the Egypt based fund with total commitments of EGP 440 million.
Sawari Ventures is the leading venture capital firm based in Egypt that is driven by passion for fostering innovation and entrepreneurship. Led by Ahmed Al-Alfi, Hany Al-Sonbay and Wael Amin, Sawari Ventures has invested in more than 30 companies, backing multiple successful technology companies such as SWVL , Instabug, and Si-Ware.
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