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BREAKING: Aramex Founder Teams Up With the World Bank to Launch a $75 Million VC Fund for North Africa Startups

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fadi-ghandourFadi Ghandour the founder and Vice Chairman of delivery company Aramex has teamed up with World Bank’s International Finance Corporation to launch a new VC fund for North Africa and the Middle East.

According to sources, the fund will work with Ghandour’s  Wamda Capital, and will offer between $1 million to $3 million in series  A funding.

IFC will invest some $10 million to $15 million whhich is expected to raise $75 million by April.

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Mr. Ghandour is not new to angel investing. He has invested in Maktoob which had an exit to Yahoo, Instabeat, a wearable tech startup and Souq.com, Middle East’s Amazon.

In an interview with 500 Startups, Ghandour said Middle East startups face similar problems he faced while starting up Aramex such as access to capital, markets,  finding talent, legislation and ease of doing business. This fund will try to address some of the above.

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Sam Wakoba
Sam Wakobahttp://techmoran.com
Taking you on tour through Africa's tech and business ecosystem, one story at a time since 2010! Based out of Nairobi, Kenya, Sam is the founder and managing director of Moran Media, which runs  TechMoran.com, various other digital platforms and a startup incubation hub for Kenya's youthful entrepreneurs. Drop me a mail at sam@techmoran.com

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