Egyptian VC firm Savari Ventures has closed its $ 71 million fund for North Africa’s fast-growing startup ecosystem.
The firm first announced its fund in 2018, when it made an initial $ 35 million (which it closed) Later Mennabites raised $ 41 million in hopes of $ 70 million increase. Investors included in the first tranche were CDC (which was more than $ 12 million), European Investment Bank, Properco and Dutch Good Growth Fund.
A after closing Apart from $ 30 million, with Savory Ventures totaling more than $ 1 million Its primary goal. And It has added a series of new backers including Banke Misr, Bancke du Caer, Acuity, Misr Insurance Group, National Bank of Egypt and Suez Canal Bank..
Ahmed Al Alfie, Honey Al-Sonbetti and Val Amin started Savari Ventures in 2010. Al Alfie and Al-Sonbetti were investment professionals in Egypt’s tech sector for many decades, before venturing into the world of venture capital. Amin, meanwhile, was the founder of a technology company called ITWorx that made notable acquisitions in Egypt’s technological ecosystem..
In addition to Egypt, Savari Ventures focuses on Morocco and Tunisia. For the firm, these three countries represent one of the best investment opportunities between available capital, which is the mismatch between available capital (volume and variance at every level) and market opportunity.. They also share common features such as language, culture, trade, governance norms and market dynamics, making it easier for cross-border cooperation..
Since starting the firm 10 years ago, Savari claims to have invested in more than 30 companies, mostly in Egypt. Some of these companies include the ride-hailing service SWVL, software startup Instabug, and AI chat-based personal assistant Elves, but its Sweet spots are hardware, education, healthcare, cleantech and fintech sectors.
“We are trying to give a wider net, in short, it is a transformative moment in emerging markets with rapid digitization of the emerging economy,” a company spokesperson quoted ClearTips.. “As expected, we are seeing a great deal flow in the digitization of financial services, health care and education technologies. In addition, looking at engineering talent, SaaS products, semiconductors and IoT have unique opportunities“
Sawari Ventures exclusively invests in growth-phase companies. But it is also Operates Flat6Labs, a seed VC firm for an accelerator used To demonstrate its seed investment since the establishment of both Cairo and Tunis offices in 2011 and 2016.
Sanwari says that now there will be 10% of the closed investment Be marked Flat 6 Labs for seed-stage companies as an investment through Cairo and Tunis. Flat6Labs Cairo will house between 80 and 100 companies and will offer between 30 and 40 follow-on investments.. Flat6Labs will seed 60 to 70 companies in Tunisia and offer a follow-on investment of 30 to 40. The remaining 90% will be used With an average investment range of $ 2 million to $ 3 million to invest in 20 to 25 growth-stage companies in Egypt, Tunisia and Morocco..
The investment range is a continuation of how Savari is In general Check out the deduction for portfolio startups since closing the first installment three years ago. The firm said it has invested between $ 1 million and $ 4 million Imaginary dwarfs, Bantu, And Expand, Almentor, SWVL and MoneyFellows, among others.
“The Egypt-based fund is a privately held fund regulated by the Egyptian Financial Regulatory Authority (FRA), which allows us to attract capital from top tier local financial institutions to co-invest with foreign capital from international development financial institutions. Allowed, doubling El Alfie said in a statement, our allocation to invest in Egypt’s high-growth companies is $ 68 million.
“Our objective is to create exceptional returns through investment in knowledge-driven companies, which have the potential to bring transformational change in the Egyptian economy.”. The fund will support local companies with dedicated capital, In addition to this Quality expertise from our experienced and specialized team, and value-addition to our investors“