International Finance Corporation has signed off on an equity commitment to a new fund focused on seed-stage investments in fintech startups in Egypt. The development finance institution is investing $5 million in Disruptech Ventures‘ first fund which has raised a total of $25 million from its LPs, reaching its final close goal. The fund, which was launched 18 months ago, has a hard cap of $30 million.
Disruptech Fund I will build a portfolio of as many as 25 fintech or fintech-enabled startups over the course of its investment period, adding another source of capital for Egypt’s technology startups. While the amount of venture capital available in the country has grown more than 10-fold since 2016, it’s still only a quarter of the average amount found in other emerging market countries.
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