STARTUP WATCH– VC firm Foundation Ventures has launched its inaugural Egypt-focused fund with an initial portfolio of four companies, Enterprise has learned. The firm’s first fund, which focuses on early-stage, pre-seed to series A start-ups, has so far led or co-led investments in fintech companies Capiter and Nowpay, entertainment platform Minly, and an undisclosed logistics company. Foundation invested in the companies alongside a syndicate of 12 regional and international VC firms.

Foundation ventures plans to maintain a focused, meticulously curated portfolio to maximize the impact of its investments. Its first fund is backed by major family offices and business leaders in Egypt and the wider MENA region, bringing an innovative approach to venture capital in the country that looks to build a strong foundation for its portfolio companies by relying on local know-how and private capital. Launched in 2019, Foundation Ventures is managed by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, in partnership with US-based HOF Capital and BPE Partners. “Venture as an asset class and ecosystem is reaching an inflection point in the region, with the quality of dealflow improving drastically over the past couple of years,” said Nadim when asked for comment.