After landing another $28 million in commitments from a group of local LPs, Sawari Ventures has wrapped up fundraising for its Egypt fund which now has a total of $69 million to make investments in Egyptian startups. Among this final group of LPs are Misr Insurance, Ekuity, the National Bank of Egypt, Banque Misr, Banque du Caire, and the Suez Canal Bank who join European DFIs such as CDC, EIB, FMO, and Proparco, all of which committed to earlier closes, on the fund’s roster of LPs.
The newly-closed fund’s strategy is to make seed through growth capital investments in Egyptian startups. Sawari’s co-founder and managing partner Hany Al-Sonbaty told industry publication MENAbytes that 10% of the fund’s capital will be reserved for seed investments, which will be invested through the venture firm’s Flat6Labs entities. The remaining 90% will be invested in growth capital opportunities with a median investment size of between $2 million and $3 million.
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