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Sawari Ventures to Back Egyptian Tech Startups with New $150 Million Fund

New Investments

Sawari Ventures to Back Egyptian Tech Startups with New $150 Million Fund

Cairo-based venture capital firm Sawari Ventures has announced a plan to launch a new $150 million investment fund dedicated to supporting Egyptian startups.
 

This comes amidst reports of a funding slowdown in the African tech ecosystem during 2024.

“This fund aims to bolster sustainable growth across various sectors, including education, healthcare, fintech, green tech, and deep tech initiatives,” stated Hani Al Sanbati, CEO and co-founder of Sawari Ventures.

“We believe these areas hold immense potential for positive impact in Egypt and beyond.”

Sawari Ventures, established in 2010, boasts a history of backing over 500 startups, including 19 early and growth-stage companies in Egypt, Tunisia, and Morocco.

With a focus on digitizing the Egyptian economy and fostering regional financial inclusion, fintech represents a significant portion (35%) of the firm’s portfolio.

Expressing optimism about the prevailing economic climate, Al Sanbati emphasized the company’s belief in the continued viability of investing in tech startups.

He downplayed the potential impact of past challenges faced by tech companies, asserting their long-term growth potential.

Projections suggest that Egyptian startups backed by Sawari Ventures could attract investments ranging from $350 million to $500 million over the next five years.

“Exits are an integral part of our strategy, allowing us to reinvest in other promising tech ventures,” added Al Sanbati.

This announcement follows a trend of renewed commitment to the African tech ecosystem in 2024.

Several Egyptian startups, including FriendyM, Zeal, Bosta, DXwand, Yodawy, and Roboost, secured funding in January.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Gebeya Transforms: From EdTech Startup to All-in-One Talent Cloud Provider

Key Developments

Gebeya Transforms: From EdTech Startup to All-in-One Talent Cloud Provider

Gebeya, a pioneer in African tech talent development, has announced a significant shift in its focus, transitioning from a SaaS-enabled tech talent marketplace to an all-in-one talent cloud provider.
 

This move marks the culmination of a seven-year journey that began with a mission to empower African talent and has now evolved into a comprehensive platform offering scalable solutions for organizations and individuals alike.

Gebeya’s journey started in 2017 as an EdTech startup, providing training and upskilling opportunities for tech professionals across the continent.

It then transitioned into a multi-sided marketplace, connecting skilled individuals with relevant job openings. Now, with the launch of Gebeya 3.0 and its core component, the Gebeya Talent Cloud (G-TC) platform, the company enters a new era.

Powered by AI, G-TC offers a flexible and scalable approach to talent management.

It caters to diverse organizational needs, encompassing public, private, strategic, and sourcing talent cloud solutions. This allows professionals from various sectors to discover opportunities aligned with their skills and aspirations.

For instance, software developers can leverage Talent Clouds created by partners like Microsoft, gaining access to specialized training, job postings, and networking opportunities within specific ecosystems.

Gebeya aims to leverage its innovative Talent Cloud technology to elevate Africa’s potential and global competitiveness.

Through this, the company hopes to create a future where skilled professionals can thrive and contribute to the continent’s digital transformation journey.

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South African Climate Startup Hohm Energy Secures $8 Million to Scale Rooftop Solar Adoption

New Investments

South African Climate Startup Hohm Energy Secures $8 Million to Scale Rooftop Solar Adoption

Hohm Energy, a South African climate tech startup, has raised $8 million in seed funding to accelerate its mission of bringing affordable and accessible rooftop solar solutions to individuals and businesses across the country.
 

The investment round was led by returning backers E3 Capital and 4DX Ventures, with participation from Breega, E4E Africa, TO.org, Tekton Ventures, Sunu Capital, Musha Ventures, and Climate Capital Ventures.

Hohm Energy’s proprietary platform connects homeowners and businesses with accredited solar installers, product suppliers, and embedded financing options.

This streamlined approach aims to simplify the rooftop solar journey, making it easier and more affordable for everyone to adopt clean energy.

“South Africa’s energy system is broken, and climate technology is critical to repairing it through scalable and sustainable alternatives,” said Tim Ohlsen, CEO of Hohm Energy.

“This funding will enable us to accelerate our work on our cutting-edge climate fintech strategy, which will focus on technological advancement, product innovation, and solar installer skill development.”

Hohm Energy has already made significant progress in its mission.

The company has generated over 17,000 custom solar rooftop designs worth $190 million and facilitated over $90 million in finance applications for its customers.

Additionally, it has partnered with major South African retail finance institutions to offer secured financing options, addressing a key barrier to solar adoption.

This investment comes at a critical time for South Africa, which is grappling with an escalating energy crisis.

Hohm Energy’s innovative approach and commitment to affordability position it well to play a significant role in providing alternative energy solutions and contributing to a more sustainable future for the country.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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