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Egyptian VC firm Sawari Ventures finally closes $71M fund for North African startups Egyptian-based VC firm Sawari Ventures has closed its $71 million fund for North Africa’s rapidly growing startup ecosystem. The firm first announced its fund in 2018, when it closed an initial $35 million (which subsequently increased to $41 million) in hopes to close at $70 million, per Menabytes. The investors in the first tranche included CDC (which forked over $12 million), European Investment Bank, Proparco and the Dutch Good Growth Fund. Having closed an additional $30 million, Sawari Ventures’ total raise is $1 million more than its original target. And it has added a range of new backers that includes Banque Misr, Banque du Caire, Ekuity, Misr Insurance Group, National Bank of Egypt and Suez Canal Bank.

Al qahirahBanque misrAl jizahSuez canalAs suwaysNational bankHany al sonbatyAhmed el alfiWael aminEl alfiFinancial regulatory authority of egyptSuez canal bankDutch good growth fundEuropean investment bankMisr insurance groupSawari ventures