Egypt-based VC firm Sawari Ventures says it is preparing to launch its second fund, “Sawari Ventures II,” in early 2025. They have a target of raising $200 million.
Out of the total $200 million, approximately 70%, or $140 million, will be allocated to Egyptian startups over the next four to five years.
The firm will also focus most of the fund on startups in their Series A and B stages, with a portion reserved for seed-stage investments.
Sawari Ventures was founded in 2010 by Ahmed Alfi, Hany Al Sonbaty, and Wael Amin. It currently manages a $69 million Egypt-focused fund it closed in 2021, and another $71 million fund that is focused on North Africa.
So far, the firm has directly backed over 30 companies, including Swvl, MoneyFellows and Instabug.
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Note that roughly 35% of its portfolio is dedicated to fintech, with a focus on digitising Egypt’s economy and enhancing financial inclusivity.
Flat6Labs, a leading accelerator in MENA, was also founded by Sawari Ventures in 2011.
Sawari Ventures has supported over 500 startups across the region through various Flat6Labs accelerators.
The new fund will consist of two components — an Egypt-focused fund to mobilise local capital and an international fund targeting foreign investors and development finance institutions to support startups across Egypt, Tunisia, Morocco, Kenya, and West Africa,
It will focus on sustainable growth in Egypt in sectors like fintech, edtech, healthtech, cleantech, and deeptech.
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