Sawari Ventures has announced in a statement the closing of the Egypt based fund with total commitments of L.E 440 Million ($ 28 million) from MIsr Insurance Group, Ekuity, National Bank of Egypt, BAnque Misr, Banque du Caire, and Suez Canal Bank increasing the total fund to over L.E 1 Billion after previously closing L.E 650 million($ 41million) from European Investment Bank,CDC, Proparco, Dutch Good Growth Fund , and Sango Capital.
The venture capital firm, led by Ahmed Al-Alfi, Hany Al-Sonbay and Wael Amin has invested in more than 30 companies among them SWVL, Instabug and Si-Ware.
“The Egypt based fund is a privately-held fund regulated by the Financial Regulatory Authority of Egypt (FRA), which allowed us to attract capital from top tier local financial institutions to co-invest with foreign capital from international development financial institutions, doubling our allocation to invest in Egyptian high growth companies to one billion Egyptian pounds. Our aim is to create exceptional returns through investing in knowledge driven companies, which have the potential of bringing transformational changes to the Egyptian economy. The fund will support local companies with dedicated capital, in addition to quality expertise from our seasoned and specialized team, and the value add of our investors.” Said Ahmed El Alfi, the founder and chairman of Sawari Ventures.
“Our partnership with Sawari Ventures is aligned with our strategy to expand our investment portfolio especially in the digital economy and SME segments.”, said Mohamed Regai, Chief Investment Officer at Banque du Caire, “We are committed to further increase our exposure given the attractiveness and impact of these sectors.”
“Our alliance with Sawari Ventures further strengthens the resurgence of the Kuwaiti investments in Egypt, partnering with a selective group of Egyptian institutions and investment funds, with the aim of contributing to the creation of scalable businesses as well as achieving the targeted investment returns,” said Adnan Al Sager, the CEO at Ekuity Holding, the Investment arm in Egypt of the Kuwait Investment Authority (“The Kuwait sovereign wealth fund”).