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.
“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.
Standard Chartered Bank and WomHub have announced the launch of the second Women in Tech (WiT) Incubator Programme in South Africa.
Susu, an Ivorian health-tech startup, has secured a significant $4.8 million investment to broaden its healthcare services across the continent.
Alterra Capital Partners has announced an investment in ARP Africa Travel Group, collaborating with the founding family to drive the company’s expansion across East Africa and beyond.
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