Back to the complete issue
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.

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.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.