In a press release shared on Wamda, the Sawari Ventures fund has raised a new round of commitments worth $28 million acquired from the Misr Insurance Group, National Bank of Egypt, Suez Canal Bank, Kuwait Investment Authority’s Ekuity, Banque Misr, and Banque du Caire.
The fund previously closed $41 million from the European Investment Bank and other development finance institutions such as France’s Proparco, the UK’s CDC, and the Dutch Good Growth Fund. Cumulatively, the fund is now valued at 71 million, specifically for Egypt’s tech-driven companies.
Ahmed El Alfi, the founder and chairman of Sawari Ventures maintained that the fund is privately held and regulated by the Financial Regulatory Authority of Egypt that attracts capital from top-tier local financial institutions capable of co-investing with other foreign capital from international financial development organizations. The fund has increased its investment in high-growth Egypt companies to $68 million.
According to its website, Sawari Ventures mainly invests in tech-driven companies focussed on ICT, fintech, cleantech, healthcare, education, and hardware. Founded in 2010, the fund is run by Hany Al-Sonbay, Ahmed Al-Alfi, and Wael Amin. As one of the leading venture capital firms in Egypt, Sawari Ventures has a rich investment portfolio in over 30 companies.