Lorax Capital Partners acquires equity in DSQ Group
The new investment mainly included a capital raise to support the scaling of new business lines
A trader works at the Egyptian stock market in Cairo .
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
ArabFinance: Lorax Capital Partners’ LCP Fund II acquired a minority stake in Dsquares, known as DSQ Group, according to a December 6thpress release.
The new investment mainly included a capital raise to support the scaling of new business lines, the company said. The move would boost further expansion for the firm, both locally and internationally.
The acquisition also consisted of purchasing a minority interest in Ezdehar Egypt Mid-Cap Fund, according to the press release.
“Algebra Ventures, one of Egypt's leading VC firms and an existing shareholder in DSQ Group, increased its investment as part of this transaction,” Lorax Capital noted.
“The LCP partnership and investment will help Dsquares expedite its clients and merchants expansion plans in the Middle East, Africa and Europe and maintain its position as the loyalty and rewards solutions leader in the region,” DSQ Group Co-Founder and CEO Marwan Kenawy commented.
A French development institution earlier pumped investment in LCP Fund II to help bridge the long-term financing gap for Egyptian mid-cap companies.
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