EXCLUSIVE- Cairo Angels launches USD 3 mn regional fund: Cairo Angels has launched a USD 3 mn fund, named the Cairo Syndicate Fund, to invest in tech and tech-enabled startups in Egypt and the wider MENA region, Chairman Aly El Shalakany told Enterprise. The nature of the region’s startup activity, which is centered in specific hubs, means the fund will be focused on Egypt, Saudi Arabia, and the UAE. The fund plans to make its first investment in January 2021 and fully deploy within 24 months of its first investment — meaning it should reach this milestone by the end of 2022, according to El Shalakany.

How the fund is looking to set itself apart: The fund will have larger ticket sizes than the market average, but is also looking to target more pre-series A businesses, where there is a gap in funding, El Shalakany says. The investments will also go further down the value chain as the fund doesn’t want to just look at a minimum viable product. “The governance structure is designed to leverage the experience of Cairo Angels’ board and executive team members, while bringing on board new faces from the region and globally,” El Shalakany tells us. Cairo Angels is hosting a Q&A session on 16 November on the fund. Tap / click here to register.