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TechCabal Daily – Mobile money moves techcabal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from techcabal.com Daily Mail and Mail on Sunday newspapers.
Sawari Ventures Closes New $69 Million for Investment in Egypt cairoscene.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cairoscene.com Daily Mail and Mail on Sunday newspapers.
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. ....
Nigerian Fintech, Sparkle, launches service to empower SMEs. 2 other things and a trivia ripplesnigeria.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ripplesnigeria.com Daily Mail and Mail on Sunday newspapers.
Alexander O. Onukwue Share this article One billion Egyptian pounds. That is how much Sawari Ventures raised for its Egypt-based fund. The fund has plans to ramp up investments in startups across the North Africa region. Depending on the prevailing conversion rate, Sawari’s raise is at least $63 million or up to $71 million. Either way, it is a giant leap for the fund launched in 2018 as the Sawari Ventures Fund I. Investors in the fund include the CDC Group (which committed $12 million), European Investment Bank, Proparco, and the Dutch Good Growth Fund. The fund’s newer investors include Egyptian banks like the National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank. Misr Insurance Group, based in Cairo, and Kuwaiti company Ekuity are also in the mix. ....