Egyptian Venture Capital firm Sawari Ventures is launching yet another significant and impactful project that could help startups in the region to hit the next level of growth. The new VC fund, sized at nearly $55 million (1 billion EGP), is expected to launch by the end of 2018 or early 2019.
Citing the head of one of the LPs in the fund, Egyptian daily Al Mal reports that the launch date will depend on the regulatory approvals Sawari Ventures requires from the Central Bank of Egypt. The most prominent LPs in the fund include Banque du Caire, the European Investment Bank, the National Bank of Egypt, and Banque Misr. All goes well, and the fund may be joined by more partners including the telecom and investment ministries of Egypt.
Sawari Ventures is yet to confirm whether the new fund will exclusively target Egyptian startups or would go beyond too. However, based on an interview with one of the Sawari partners earlier this year, it is expected that the new fund will invest the money in about 15 to 20 startups from a range of different verticals including healthcare, education, energy, and more.