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Monday, 9 November 2020

Egypt Ventures to invest EGP 62 mn in 2020

STARTUP WATCH- Government-backed VC fund Egypt Ventures plans to close out 2020 having invested EGP 62 mn over the previous 12 months, CEO Ahmed Gomaa said during a meeting with International Cooperation Minister Rania Al Mashat. The fund has invested EGP 257 mn since it was established in 2017, he said. Egypt Ventures was seeded by the International Cooperation Ministry and the Saudi Fund for Development and includes Dresscode, Nawah Scientific and AvidBeam among others on its portfolio. Earlier this year, Egypt Ventures announced a long-term investment strategy that focuses on startups that align with Egypt’s Sustainable Development Goals.

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