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Thursday, 7 June 2018

Sawari Ventures looks set to reach first close on a USD 55 mn venture capital fund by the end of June

INVESTMENT WATCH- Sawari Ventures looks set to reach a USD 55 mn first close on venture capital fund by the end of June, according to a piece in Al Mal quoting founding partner Wael Amin. Limited partners in the fund include the National Bank of Egypt and Banque du Caire, who collectively contributed EGP 125 mn, as well as the European Investment Bank, the story claims. The Sawari fund will invest in 15-20 startups in sectors including education, tech, health and power generation, allocating c. USD 2.5 mn to each company. Sawari could look to raise a further USD 15 mn for the fund in about 18 months’ time, Amin is quoted as saying.

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