Sawari Ventures is reportedly set to back Egyptian startups with $150 million in funds. As per Hani Al Sanbati, the CEO and co-founder of the North Africa-focused investment company, the said fund will be going to several sectors across the region and this is inclusive of education, healthcare, green tech solutions, Fintech and deep tech initiatives, thus bolstering sustainable growth in the startup ecosystem.
Sawari Ventures To Back Egyptian Startups with Funds
The company since its inception back in 2010 claims to have reportedly funded approximately 500 startups and this is including 19 early and growth-stage firms in Egypt, Tunisia, and Morocco, thus advancing its own vision to establish Egypt as an essential investment hub both in Africa and beyond.
Fintech constitutes approximately 35% of Sawari Ventures’ portfolio, with a strategic emphasis on digitizing the Egyptian economy and enhancing financial inclusion across the region.
In a recent statement from the North Africa investment firm, Al Sanbati expressed confidence in the current economic landscape, asserting that it remains conducive for sustained investment in tech startups. He further indicated that past challenges encountered by tech companies are unlikely to significantly impede their overall growth trajectory.
Egyptian Startups Supported by Sawari Ventures
Based on current projections, Egyptian startups supported by Sawari Ventures could potentially receive investments ranging from $350 million to $500 million over the next five years. Al Sanbati underscored that this initiative reflects the investment company’s broader vision to position Egypt as a leading global investment destination.
Emphasizing the firm’s dedication to nurturing entrepreneurs and fostering innovation in the Arab world, the CEO detailed Sawari Ventures’ operational framework, which is tailored to accelerate investments while preparing startups for future funding opportunities. Additionally, he highlighted the importance of exiting investments as a fundamental aspect of the company’s strategy to support other emerging tech ventures.
What This Means for the African Tech Ecosystem In 2024
Against the backdrop of a significant decline in funding for the African tech ecosystem in 2024, the proposed $150 million investment in Egypt’s tech startups emerges as timely and strategic.
In 2024, both emerging and established players reaffirmed their commitment to bolstering the African tech ecosystem. Notably, several Egyptian tech startups, including FriendyM, Zeal, Bosta, DXwand, Yodawy, and Roboost, announced substantial investments in January.
Furthermore, Seedstars Africa Ventures secured a $30 million capital commitment from EIB Global, a subsidiary of the European Investment Bank, to bolster African businesses. Shortly thereafter, the African Development Bank (AfDB) pledged an additional $10.5 million to Seedstars, further signaling a positive outlook for tech investment in the region.
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