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Egyptian VC firm Sawari Ventures finally closes $71M fund for North African startups – TechCrunch


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. ....

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Sawari Ventures and Algebra Ventures stake $150m on North African startups


Alexander O. Onukwue
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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. ....

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Sawari Ventures closes $71 million fund for Egyptian tech startups


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, C ....

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