TLDR:
- Sawari Ventures is launching a $150 million fund to support Egyptian startups.
- 35% of the investment portfolio is dedicated to the fintech sector.
Sawari Ventures, a prominent investment firm, is set to launch a new fund with a $150 million investment goal dedicated to supporting Egyptian startups. The CEO and co-founder, Hani Al Sanbati, expressed confidence in the current economic climate, anticipating robust growth in sectors such as fintech, education, healthcare, green technology, and deep tech projects within Egypt. Projections indicate that Egyptian startups backed by Sawari Ventures could attract substantial investments ranging between $350 million and $500 million over the next five years. Al Sanbati highlighted the company’s vision for Egypt to become an investment hub in Africa and the wider region. Sawari Ventures has become a leading venture capital firm in Egypt, supporting more than 30 companies, including Swvl, MoneyFellows, Instabug, Si-Ware, and Elves.
In January 2024, African startups experienced a funding decline compared to the previous year. Key sectors attracting investment included agritech, cleantech, and health tech. Egyptian logistics startups like Bosta, FriendlyM, and Roboost secured funds, indicating potential investor interest in the sector. Despite the funding slowdown, new and established investors like the European Investment Bank and African Development Bank reaffirmed their commitment to the African tech ecosystem. Egypt also welcomed the establishment of T-vencubator, a hybrid VC firm and incubator supporting early-stage startups in the country.
