Benya Group has signed a memorandum of understanding with international venture capital firm Openner to build a $50 million venture capital fund as part of its plan to support the capabilities of young calibres as the driving force in the field of digital innovation. The fund is set to provide capital investments and support entrepreneurs and startups in Egypt, as well as the Arab and African markets.
Benya Group and Openner will form consultational and investment committees to select eligible startups and provide them with support and resources as a result of this agreement.
“We are optimistic about our involvement in an investment fund focused on digital transformation in multiple sectors, especially that Openner will launch this fund with Benya Group, which has a proven track record of making a significant impact in the digital transformation in various sectors in Africa and the Middle East,” said Ashraf Rofail, General Partner and Founder of Openner. “We believe that the combination of capital and market access will drive startups to grow faster.”
“Benya Group believes in the innovative ideas and efforts provided by young calibres, so the group is interested in investing and supporting them through the implementation of a series of partnerships,” said Eng. Ahmed Mekki, Chairman and CEO of Benya Group. “We are pleased to commence this partnership with Openner launching a fund that supports innovative ideas and helps speed up the implementation of the plans to develop the field of technology and digital transformation in all sectors in Egypt and the Arab and African markets.”
Openner focuses on investing in local technology-based startups at the pre-seed and seed funding stages. Dr. Ashraf Rofail, an assistant professor at Johns Hopkins University and author of six publications as well as several patents in artificial intelligence, launched the venture capital firm. Since its launch in 2016, Openner has invested in a $25 million fund with over 100 companies in the United States, with a total valuation of $9.2 billion USD. Over the next two years, Openner plans to invest in 50 Egyptian startups.
In Egypt, the Middle East, and Africa, the Benya Group is a leader in designing and implementing integrated solutions and products in the fields of telecommunications infrastructure and digital transformation. The company provides a wide range of digital products, services, and solutions that cover the technology value chain, which is critical to developed countries and institutions. This covers information security, massive data and information platforms, the design and implementation of integrated technological systems, and proactive technical solutions, among other things.