Browsing: Sawari Ventures

African ventures raise $150 million to support start-ups in Egypt

Egyptian start-ups are to benefit from two funds that have been raised early this month from Sawari Ventures which has raised $69 million and $90 million from Algebra ventures.

Algebra Venture an Egyptian venture capital firm announced the launch of its $90 million second fund yesterday after it closed its first fund of $54 million four years ago. Come the close of the second fund, the firm hopes to have raised a total of $144 million, with the first fund closing in the third quarter of 2021. If the venture capital achieves its target, it will most likely have the largest indigenous fund from North Africa.

Tarek Assaad and Karim Hussein, Algebra venture managing directors said that the first fund was mainly focused on Egypt while the second fund will also be focused on Egypt while allocating investments in East and West Africa, Middle East and North Africa. The …