Sawari Ventures closes $69 million fund to invest in Egyptian startups

SectorFinancial Markets

Cairo-based Sawari Ventures has closed its Egyptian fund with new commitments of $28 million (EGP 440 million) from Misr Insurance Group, Kuwait Investment Authority’s Ekuity, National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank, it announced today. The fund had previously closed $41 million (EGP 650 million) from European Investment Bank and different development finance institutions including United Kingdom’s CDC, France’s Proparco, and Dutch Good Growth Fund. It takes the total size of the fund to $69 million (EGP 1.09 billion). This fund will only invest in Egyptian startups. Sawari also has a $70 million North Africa-focused fund that invests in Egyptian, Moroccan, and Tunisian startups.

It had raised $35 million in its first close in December 2018. Started in 2010 and led by Ahmed Al-Alfi, Hany Al-Sonbay and Wael Amin, Sawari Ventures is one of the leading VCs in Egypt and has over 30 companies its portfolio including Swvl, MoneyFellows, Instabug, Si-Ware, and Elves, in more...