The fund will look to back innovative startups working in e-commerce, distribution, edtech and more.
Egypt’s Raya Holding has just announced that it is channeling $6.3million (EGP 100 million) into a new new direct investment VC fund, specifically investing and focusing on fintech startups across the region. The fund, which is being established through a partnership with an undisclosed foreign direct investment fund management company, comes as part of Raya’s ongoing commitment to supporting fintechs, looking specifically at e-commerce, distribution and edtech startups.
As voted on by the board of Raya Holding, Chairman Medhat Khalil (pictured above) will be bestowed the power to unilaterally authorise and implement all required processes in order to complete an investment. This includes the ability to sign joint investment contracts and full legal measures, while also standing as the representative spokesperson of the fund to the supervisory bodies and all governmental and non-governmental bodies as required in order to complete any planned investment.
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