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Wednesday, 6 October 2021

Sequence Ventures’ launches EGP 500mn Egypt Deep-Tech fund

Venture capital firm Sequence Ventures has launched a new EGP 500 mn fund dubbed Egypt Deep-Tech, it said in a press release (pdf). The fund plans to invest in Egyptian startups operating in health-tech, fintech, ed-tech, prop-tech, logistics, and DevOps. It aims to raise between EGP 100-150 mn by its first close, which is expected to wrap up before the year is out, Sequence Executive Chairman Karim Helal told Hapi Journal during a press conference yesterday.

The fund’s edge? A network of alliances with European VCs and accelerators. Sequence Ventures has created strategic alliances with 45 VCs and accelerators in four main base regions, the United Kingdom, Germany, the Netherlands, and Russia. “The strategic alliances we have serve as an asset to the startups in our portfolio as they offer matchmaking and later on exit options for Egyptian startups in Europe, such as acquisitions,” Senior Business Analyst Alia Bayoumi told Enterprise.

Where will the fund invest? “We’re investing entirely in Egypt in the pre-seed to series-A range,” Bayoumi told us. The company also works with a team of four technical advisors who are experts in areas including AI and blockchain, and help screen startups and decide on potential investments.

Who is behind Sequence Ventures? Founded in 2019, Sequence Ventures counts Carbon Holdings Managing Director Karim Helal as its executive chairman and capital markets veteran Maged Shawky, the former executive chairman of Beltone, as a member of its management board. Mohamed El Sherif, Ironwood Investments’ managing director, is the firm’s founding partner and his co-founder at Ironwood, Mohamed Fahmy, is also on board as a managing partner.

On the advisory board: Mohsen Mahgoub, Mohamed ElSewedy, Salma ElSaidy, Ayman Korra, Ahmed Shalaby, and Sohair Awad.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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