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Monday, 8 November 2021

Benya eyes African tech startups with new USD 50 mn VC fund

IT infrastructure contractor Benya Capital is launching a USD 50 mn venture capital fund, dubbed Benya Ventures, as part of its expansion strategy, Chairman and CEO Ahmed Mekky said on the sidelines of the Cairo ICT conference yesterday, according to Al Borsa. The VC, which will launch with an initial capital of USD 50 mn, will focus primarily on tech, IoT and AI startups in Africa.

Banque Misr loan to finance new factory: Benya signed a financing agreement worth EGP 481 mn with Banque Misr, which will be used to finance its fiber-optic cable factory in the Suez Canal Economic Zone, according to Hapi Journal. The company expects to open the EGP 1 bn factory in June 2022.

Also in the works for Benya: Benya Capital is launching a cloud computing arm, and planning to expand into the Saudi market next year, Mekky said. The company has also been eyeing a dual listing on the EGX and another foreign bourse.

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