Sawari Ventures closes fund to Invest in tech startups
The venture capital fund brings in finances Misr Insurance Group, Ekuity, National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank
Image used for illustrative purpose. Seed funding or seed stage funding is a very early investment which aims at helping a business grow and generating its own capital. Also referred to as seed money or seed capital, investors often get equity stake in exchange for the capital invested.
By Staff Writer, Arab Finance
ArabFinance: Sawari Ventures announced the closing of the Egypt based fund with total commitments of EGP 440 million, according to a press release.
The venture capital fund brings in finances Misr Insurance Group, Ekuity, National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank.
The fund previously closed EGP 650 million of raised investments from European Investment Bank, CDC , Proparco, Dutch Good Growth Fund, and Sango Capital, increasing the total fund size to over EGP 1 Billion to invest in Egyptian technology and knowledge driven companies.
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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