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Egypt-based VC DisrupTech raises $5 million from Proparco to invest in early-stage startups

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Egypt-based VC fund DisrupTech Ventures , an early-stage VC fund that aims to provide Seed capital to up to 28 startups with a prime focus on fintech has received a $5 million investment from Proparco.

Founded in 2021, DisrupTech has raised $36 million from several investors, including Development Finance Institutions, Funds-of-funds and family offices.

“Egypt is full of bright, talented founders but too often, they cannot secure the capital they need to expand their businesses, we are always excited about supporting entrepreneurs, increasing access to financial services and contributing to Egypt’s growth,” said Mohamed Okasha, Managing Partner from DisrupTech Ventures.

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“We are pleased to partner with DisrupTech Ventures, which has already become one of the leading early-stage investors in Egypt. Thanks to its company-building track record and domain-specific expertise, DisrupTech is bringing much-needed support to young companies in the region. This is in line with Proparco’s strategy to maximise impacts and to finance innovation, by fostering the emergence of a dynamic venture capital industry to back African entrepreneurs” said Françoise Lombard, Chief Executive Officer at Proparco.

Proparc is a subsidiary of the French Development Agency which has invested over $134 million in early-stage companies and venture capital funds in Africa since 2020.

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Expanding access to financial services from making deposits to paying bills is urgent for Egypt’s digital transformation and financial inclusion. Meanwhile, the amount of venture capital available in Egypt is just a quarter of the emerging market average, though it has grown substantially in the past few years.

DisrupTech was established to support early-stage Fintech and Fintech-enabled digital services startups with a focus on Egypt. The team adopts a hands-on approach from the very beginning, partnering with talented entrepreneurs to transform their vision into reality. One of its main aspirations is to be a catalyst in transforming the larger financial services ecosystem in Egypt.

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Along with capital, DisrupTech will also provide advice and mentorship to the businesses it supports.

Launched 24 months ago, DisrupTech has invested 40% of its fund size in technology start-ups to date. DisrupTech was founded by a diverse team of financial technology veterans and entrepreneurial investment professionals with experience in Egypt and internationally.

Proparco’s investment in DisrupTech is part of its Venture Capital programme, through which it has invested over €120m in African early-stage companies and venture capital funds since 2020.

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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