Alexandria Angels Network Launches $6 million Fund for Early-Stage Egyptian Startups
The longtime supporter of the Egyptian ecosystem aims at bolstering the innovative entrepreneurship during the current pandemic by backing disruptive and distinct startups.
One of Egypt’s leading angel networks - and Alexandria’s very first angel investment firms - Alexandria Angels has launched a $6.3 million (EGP 100 million) fund to support early-stage Egyptian startups during the current Coronavirus crisis. The announcement was made during a webinar about angel investment, hosted by Alexandria Angels.
The fund will be directed to invest by the end of third quarter 2020 and will be led by Tarek el-Kady, Chairman and Founder, and Loay Shawarby, Co-Founder and Legal Advisor. Joining the two partners in the fund is veteran investor Walid Bakr, former Managing Director of Abraaj Group.
“We’re thrilled to have Walid join us as a General Partner in the Alex Angels Fund that aims to drive seed capital in fueling disruptive potential of Egyptian startups,” said El Kady on Bakr joining their team.
“I’m super excited and committed to seeing the catalyzing vision of the Alex Angels Fund put to the perusal of the wider communities of angel investors and high growth startups from Alexandria and Egypt, while turning in glorious returns and having fun with professional and pleasant personalities and old friends as Tarek and Walid and the entire team,” adds Loay Shawarby.
All three partners have immense experience in leading initiatives aimed at bolstering the Egyptian ecosystem. The fund will focus on high potential ideas with global potential,
