INVESTMENT WATCH- Innoventures in talks with potential LPs to raise USD 100 mn fund for food startups: Local startup investor Innoventures is raising a USD 100 mn fund targeting food startups and is in talks with potential limited partners including UK’s CDC Group and global giant Blackstone, co-founder Rafik Dalala tells Al Mal. Other potential LPs include EBRD, the International Finance Corporation and an unnamed Canadian investment fund. State-owned National Bank of Egypt and Banque Misr have also been pitched. The story doesn’t say when Innoventures hopes to close the fund or to begin deploying capital.

Background: Innoventures is an Egypt-based VC firm that has invested in early stage startups across a range of industries. CDC has invested in a range of Egyptian blue chips via funds managed by emerging markets PE giant Actis and has also made direct investments and extended tier-2 finance to local banks. Meanwhile, Blackstone has long held an interest in Egypt; its subsidiary Zarou was reportedly a frontrunner to acquire a stake in the Siemens-built combined cycle power plants.