Sawari Ventures closes $71 million fund for Egyptian tech startups
Egypt-based venture capital firm Sawari Ventures has closed a $71 million fund to invest in local technology-focused companies.
Limited partners include Misr Insurance Group, Ekuity, National Bank of Egypt, Banque Misr, Banque du Caire, Suez Canal Bank, European Investment Bank, CDC, Proparco, and South Africa-based DGGF.
Sawari Ventures is led by Ahmed Al-Alfi, Hany Al-Sonbay and Wael Amin, and has so far invested in more than 30 companies, including SWVL, Instabug, and Si-Ware, among others.
The fund is regulated by the Financial Regulatory Authority of Egypt (FRA).
Press release
Sawari Ventures announced the closing of the Egypt-based fund with total commitments of USD 30 Million from Misr Insurance Group, Ekuity, National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank. The fund previously closed USD 41 million of raised investments from European Investment Bank, CDC , Proparco, DGGF w
The European Investment Bank (EIB) is providing Banque Misr with a €425 million credit line to support Egyptian private small and medium-sized enterprises that have been impacted by the coronavirus pandemic, and boost their ability to lead the economic recovery in the country.
The credit line will finance investment projects, as well as working capital needs, in productive and service sectors, thus sustaining growth and employment while helping to mitigate the economic and social impact of the COVID-19 crisis.
The EIB financing forms part of the EIB contribution to the Team Europe response to the COVID-19 crisis in the European Union partner countries. It is consistent with the objectives of the External Lending Mandate (2014-2020) and the EU cooperation with Egypt as set out in the EU Single Support Framework for Egypt for the period 2017-2020, as well as the EU-Egypt Partnership Priorities, in that it aims to support private sector development with a focus on SMEs, increa
European Investment Bank issued the following announcement on Dec. 31.
The European Investment Bank is providing Banque Misr with a â¬425 million credit line to support Egyptian private small and medium-sized enterprises that have been impacted by the coronavirus pandemic, and boost their ability to lead the economic recovery in the country. The credit line will finance investment projects, as well as working capital needs, in productive and service sectors, thus sustaining growth and employment while helping to mitigate the economic and social impact of the COVID-19 crisis.
The EIB financing forms part of the EIB contribution to the Team Europe response to the COVID-19 crisis in the European Union partner countries. It is consistent with the objectives of the External Lending Mandate (2014-2020) and the EU cooperation with Egypt as set out in the EU Single Support Framework for Egypt for the period 2017-2020, as well as the EU-Egypt Partnership Priorities, in that it aims to s
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