Egypt's Sawari VC Wants To Pump $55 Million Into 20 Startups
One of the oldest Venture Capitals in the country - and one of the backers behind Flat6Labs - is eyeing startups in education, energy-generation, and healthcare fields.
Egyptian Sawari Ventures is planning to close first tranche of its $55 million fund in the last days of June. The VC aims to invest this money in up to 20 startups working in education, energy-generation, and healthcare fields, with ticket sizes in the range of $2.5 million.
The firm also plans to add another $15 million through a second tranche that will take place eighteen months after closing the first one.The VC has a few banks on board such as National Bank of Egypt, Banque Misr - who have contributed around $7 million altogether - as well as European Investment Bank.
The firm hasn't disclosed whether it will invest in Egyptian startups or companies only or from all around the Middle East and North Africa. Even though the VC hasn't been exactly active the past few years, it has invested in six companies and startups ever since establishment in 2009; these include Vimov, Circle Tie, Kngine, SilMinds, Alzwad, and Financial Services Company.
