Egypt-based VC firm Sawari Ventures intends to launch a $150 million fund to back Egyptian startups.
Founded in 2010 by Ahmed Alfi, Hany Al Sonbaty, and Wael Amin, Sawari Ventures is a Mena-focused VC firm, backing over 30 companies, including Swvl, MoneyFellows, Instabug, Si-Ware, and Elves.
According to Sawari’s CEO and co-founder, Hani Al Sanbati, the fund will focus on sustainable growth in Egypt in sectors like fintech, edtech, healthtech, cleantech, and deeptech.
He highlighted that the present time presents optimal conditions for investing in technology companies, affirming that current economic circumstances will not impede further investments by stakeholders in these ventures. Moreover, Al Sanbati added that the initial challenges encountered by startups will not significantly impede their growth.
Projections suggest that startups supported by Sawari Ventures will attract investments ranging from $350 million to $500 million over the next five years.
Al Sanbati underscored the company’s ambition for Egypt to emerge as a pivotal investment hub in Africa and the broader region, noting that Sawari has invested in approximately 500 startups since its establishment in the Arab world.
He explained that Sawari Ventures operates within a framework aimed at catalysing investments and priming companies to receive new funding.
Al Sanbati indicated, “Exiting forms an integral part of our company’s strategy to inject investments into other ventures,” noting ongoing discussions regarding the potential exit from certain companies within a year and a half, provided these firms sustain growth with new investors.
Approximately 35 per cent of Sawari Ventures’ portfolio is allocated to the fintech sector, with a focus on digitising the Egyptian economy and reshaping financial inclusivity trends.
Since its launch,the firm has backed over 30 companies, including Swvl, MoneyFellows, Instabug, Si-Ware, and Elves.