Cairo-based VC firm, Sawari Ventures, has raised half of its $70 million North Africa dedicated fund. The announcement, according to Menabytes, was made at the Africa 2018 Business Forum in Egypt.
The fund, called Sawari Ventures North Africa Fund I (SVNFI), will focus on Egypt, Tunisa and Morocco.
Investors in the fund include global financial institutions including the European Investment Bank (EIB) and the UK’s CDC.
Others included The French Development Agency’s private sector financing arm Proparco and the Dutch Good Growth Fund (DGGF) managed by Triple Jump.
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The fund will invest an average of $1.5 million in 25 growth stage companies. The sector of focus will range from ICT, Deep Technology, FinTech, Education Technologies, HealthTech, to Renewable and Green Energy.
Meanwhile, Sawari Ventures will also launch an Egypt only focused fund. This particular one will include investors from the largest public sector banks and governmental bodies.
These are; National Bank of Egypt, Banque Misr, Banque du Caire, and Egypt’s Information Technology Industry Development Agency (ITIDA).