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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).

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