Camel Ventures, an Egyptian venture capital firm, has launched an EGP500 million ($16 million) fund to support the nation’s fintech startup ecosystem.
Camel Ventures for Investment I (CVI) was established to provide capital for Egypt’s burgeoning financial technology startup ecosystem.
Camel Ventures has the support of two major Egyptian financial organizations, dfin Holding and Al Ahly Capital Holding.
The fund, which is governed by the Egyptian Financial Regulatory Authority, offers venture debt in local currency for later-stage firms as well as equity investments for startups in the early stages.
Banks, financial institutions, and family offices with headquarters in Egypt and the GCC are among the investors who support it. The fund has already invested in ten different industries, including klickit, pharmacy marts, and khazenly.
“We believe in Camels – not only potential Unicorns – the embodiment of the characteristics we look for, and nurture, in our partners – the startups. Camels are the most powerful symbol of endurance, reliability, persistence, and strength,” the company said.
“The success of the startup relies on the collective strength of all partners and stakeholders. We focus on our deep local knowledge, regulatory and business expertise, as well as, our global outreach and network to support local champions while strengthening their growth on a regional and global level,” the firm said.
In addition to providing finance, Camel Ventures also focuses on forging partnerships.
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