Angel investor Khaled Ismail to launch USD 35 mn Africa-focused fund: KIAngel founder Khaled Ismail and three other investors will launch a new USD 35 mn Grow In Africa (GIAF) investment fund targeting companies in Nile Basin and COMESA countries in March 2021, Al Mal reports. The group, which includes two other Egyptian businessmen as well as a Jordanian investor, is approaching the European Bank for Reconstruction and Development, the International Finance Corporation, the Islamic Development Bank and local banks to participate in the fund. GIAF will be geared towards companies looking to grow internationally, with 80% of its capital being allocated to firms targeting expansion in other African countries and the remaining 20% going towards those eyeing local growth. GIAF will fund companies working in agriculture, recycling, and healthcare among other fields, with a focus on tech-powered startups. The fund had been postponed from last January because of covid-19, Ismail said, without providing further details.

Background: Khaled Ismail founded the one-man non-profit KIAngel after selling his software outfit SySDSoft to Intel in 2011 and has invested in Egyptian startups, including home services marketplace Fil Khedma, as well as fashion platform Fustany, among over a dozen others. Ismail teamed up with other investors to transform KiAngel into HIMangel in 2017, and has since invested in healthcare startup Rology, mental health app Shezlong, gaming platform GBarena, and data mining outfit Wayak, among others.