Sawari Ventures has closed its Egypt-based fund with total commitments of L.E. 440 Million ($29m) from Misr Insurance Group, Ekuity, National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank.
The fund previously closed L.E. 650 million ($42m) of raised investments from European Investment Bank, CDC , Proparco, DGGF which is managed by the South African fund Sango Capital, increasing the total fund size to over L.E. 1 Billion to invest in Egyptian technology and knowledge driven companies.
Founder and Chairman of Sawari Ventures, Ahmed El Alfi said in a statement, “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.”
Led by Ahmed Al-Alfi, Hany Al-Sonbay and Wael Amin, Sawari Ventures has invested in more than 30 companies, backing multiple successful technology companies such as SWVL , Instabug, and Si-Ware.