Back to the complete issue
Tuesday, 21 June 2016

EAEF unveils three investments, has a “promising pipeline” in high-impact sectors

Egyptian-American Enterprise Fund unveils three investments, has a “promising pipeline” in high-impact sectors. EAEF Chairman Jim Harmon’s semi-annual letter to stakeholders, to be published on Wednesday, will announce three high-profile investments, two of them in tech sectors, according to an advance copy of the letter provided to Enterprise. The US-government-funded EAEF invested USD 76 mn last year in financial services outfits Sarwa Capital and Fawry. So far this year, Harmon notes, the two are “outperforming targets in existing business lines” and have “introduced new products, improved corporate governance, and enhanced their operational frameworks.” EAEF has built “a promising pipeline of investment opportunities by focusing on high impact sectors … including manufacturing, logistics, food & beverages, renewable energy, pharmaceuticals and financial services.” Among the three investments the fund has closed so far this year:

  • USD 10 mn in Tanmiyah Ventures, a mid-cap fund set up by former EFG Hermes Head of Investment Banking Ahmed El-Guindy that will invest in “early stage companies that add to Egypt’s industrial base and export potential”;
  • USD 10 mn in Algebra Ventures, which will invest in “tech startups that address the needs of Egyptian consumers”;
  • USD 1.2 mn in SmartCare, its first investment in a “tech-enabled healthcare startup.”

Read Harmon’s letter to stakeholders in full here (pdf).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.