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Thursday, 24 March 2022

Egypt Deep-Tech to reach first close soon, plans to invest in 10 firms this year

Sequence Ventures is looking to invest EGP 150 mn in 10 tech companies this year via its Egypt Deep-Tech fund, Managing Partner Mohamed Fahmy told Al Mal. The fund is currently in talks with 22 startups with a view to deploying EGP 12-17 mn in 10 transactions starting as early as May.

The fund plans to reach its first close of EGP 150 mn after Ramadan, Sequence Ventures Executive Chairman Karim Helal confirmed to Enterprise. The fund has two more closes ahead, ranging between EGP 150-200 mn each to reach its EGP 500 mn final closing target.

About Egypt Deep-Tech: Launched in October, the fund is focused on acquiring companies operating in a range of tech sectors, including healthtech, fintech, edtech, proptech, logistics, and DevOps.

The fund made its first investment last year, committing an undisclosed amount of seed capital to AIM Technologies, an AI-driven customer experience platform.

EDITOR’S NOTE- This story was amended on 24 March, 2022 to correct the timeline of the fund’s first close.

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