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Monday, 10 December 2018

Sawari Ventures nearing close on Egypt-focused VC fund, announces close of USD 35 mn North African fund

INVESTMENT WATCH- Sawari Ventures nearing close on large Egypt-focused VC fund: Sawari Ventures expects to announce soon the close of an Egypt-only venture capital fund that will invest an average of USD 1.5 mn apiece in 25 growth stage companies, the firm said in an announcement (pdf) at the Africa Forum in Sharm El Sheikh. The fund will focus on fintech, education tech, health tech, and renewables, among other sectors. Limited partners include state-owned banks National Bank of Egypt, Banque Misr, Banque du Caire as well as Egypt’s Information Technology Industry Development Agency (ITIDA).

Sawari made the announcement after it closed yesterday a USD 35 mn fund dedicated to North Africa. The Sawari Ventures North Africa Fund I (SVNFI) will invest in technology and knowledge-driven companies in Egypt, Tunisia and Morocco. Limited partners include development finance agencies European Investment Bank, the UK’s CDC, the French Development Agency’s private sector financing arm Proparco and the Dutch Good Growth Fund (DGGF) managed by Triple Jump.

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