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Thursday, 28 October 2021

Swvl backer VC firm Chimera Capital wraps up second closing of its maiden fund

Swvl backer Chimera Capital has exceeded its USD 50 mn target with the completion of the second close of its first VC fund, according to The Capital Quest. Chimera Global Fund is now looking to target investors for a third and final close it expects to wrap up this quarter, the VC firm, a subsidiary of Abu Dhabi-based Chimera Investment, said in a statement.

Chimera Global will target 12-15 fintech, edtech, and health-tech startups, across the Middle East and Southeast Asia as well as in the US. Ticket sizes will go up to USD 5 mn and will be spread across series A to pre-IPO stages.

Portfolio: Alongside investing in Swvl, Chimera Global has also backed US-based online learning platform Coursera, expense management app Divvy, and UAE-based cloud kitchen platform Kitopi in its second close. Swvl, which was founded in Egypt and recently moved its HQ to the UAE, is expected to be the first Egyptian company to IPO on the Nasdaq later this year via a merger with US special purpose acquisition company (SPAC) Queen’s Gambit Growth Capital. Kitopi is also another high-profile startup, and has recently became one the region’s tech unicorns after it closed a huge USD 415 mn series C funding round led by SoftBank in July.

Chimera, a part of the Royal Group in Abu Dhabi, is run by CEO Seif Fikry (LinkedIn) an Egyptian veteran of the regional capital markets scene and founder of the region’s first UCITS-compliant exchange-traded fund.

OTHER STARTUP NEWS- Flat6 Labs and healthcare company Oragnon have launched an accelerator program for female entrepreneurs in healthtech in the MENA region, according to a press release (pdf). Flat6 Labs will connect the startups to regional partner networks, and will provide training, while Oragnon will provide access to global industry experts. Ten of the best start-ups will join a two-month intensive accelerator program that will provide them support to securing venture funding.

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