TLDR:
- Egypt-based investment firm Glint raises $3 million in the first close of its second venture fund with Wadi Degla Group’s support
- Glint aims to empower Egyptian entrepreneurs and startups to expand into regional and international markets
In a recent article on Techpoint, Glint, an investment firm based in Egypt, secured $3 million in the first close of its second venture fund with support from the Wadi Degla Group. The firm, founded in 2018 by Tarek Aboualam and Youssef Helmy, focuses on empowering innovative entrepreneurs to create disruptive tech-based businesses in Egypt that can scale globally.
Glint plans to invest between the Seed and Series A stages, with investment tickets ranging from $250,000 to $500,000. The firm’s Venture Studio model provides startups with an ecosystem that combines funding with business, operational, and technical resources to support their entry into the regional market. The fund emphasizes digital and disruptive industries, particularly in AI, fintech, and other cutting-edge technologies.
Egypt’s startup ecosystem has been gaining momentum, ranking among the top 100 globally, with increased VC funding and supportive startup policies. Various venture capital firms and government-backed initiatives, such as Egypt Ventures and Nclude, provide funding and support for technology-based startups in the country’s growing tech sector.
The article also highlights the country’s FinTech Landscape Report 2023, which shows that fintech and fintech-enabled startups, along with payment service providers, received substantial funding amounts, signaling a positive trend in the industry. With continued investments and support, Egypt’s technology sector is poised for further growth and innovation.
