Sawari Ventures, based in Cairo, announced today that it has closed its Egyptian fund with new commitments totaling $28 million from Misr Insurance Group, Kuwait Investment Authority’s Ekuity, National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank.
The firmfundhad previously raised $41 million from the European Investment Bank and a variety of development finance institutions, including the CDC in the United Kingdom, Proparco in France, and the Dutch Good Growth Fund.
The fund currently has a cumulative valuation of $69 million. Only Egyptian startups will be considered for investment by this fund.
Sawari also manages a $70 million North African fund, which invests in Egyptian, Moroccan, and Tunisian startups. In December 2018, it raised $35 million in its first close.
The Egyptian fund would bring capital into both seed and growth-stage businesses. Flat6Labs will invest in seed-stage companies in Egypt and Tunisia, according to the company. Sawari Ventures co-founder and managing partner Hany Al-Sonbaty said.
“Misr Insurance Holding Group, as Egypt’s largest non-bank financial group, was keen on this strategic alliance with Sawari Ventures,” said Basil Heni, Chairman and Managing Director of Misr Insurance Holding Company. The collaboration is aimed at emerging small and medium-sized businesses, in line with the group’s position in assisting this important segment of the economy.
“Our partnership with Sawari Ventures further enhances the revival of Kuwaiti investments in Egypt,” said Adnan Al Sager, CEO of Ekuity Holding, the Kuwait Investment Authority’s Egyptian investment arm.
Sawari Ventures, founded in 2010 and led by Ahmed Al-Alfi, Hany Al-Sonbay, and Wael Amin, is one of Egypt’s leading venture capital firms, with over 30 companies in its portfolio, including Swvl, MoneyFellows, Instabug, Si-Ware, and Elves.