80% of the fund will go directly into the Egyptian market, while 20% will benefit ventures across the region.
Egyptian venture capital management firm Innoventures has announced it is raising a $100 million fund to invest in food startups, both locally and regionally. 80% of the fund will be invested within Egypt, and 20% will go to ventures across the region, according to Innoventures co-founder Rafik Dalala.
Early interest in limited partnerships has been shown from UK development finance institution CDC Group, as well as American investment firm Blackstone. Other potential partners include EBRD and the International Finance Corporation, as well as the National Bank of Egypt and Banque Misr. The VC firm has not given out any more details as to how or when we should expect the fund to go live.
Innoventures has previously been recognised as one of Egypt’s leading incubators. Its annual Startup Reactor programme has graduated innovations such as CubiiSystems, which makes machinery affordable for small food product factories, electronic waste recycling startup E-Khorda, and travel-on-a-budget venture Tripdizer.
Sign up for the daily Startup Digest.