More VC money looks to Egypt

High-growth tech startups in Egypt and the MENAP region are targets for UAE-based Access Bridge Ventures (ABV), which reached first close on a USD 25 mn regional venture capital fund, ABV said in a press release (pdf). The fund will look at startups in healthtech, edutech, fintech, enterprise-tech and Software as a Service (SaaS). ABV has so far landed commitments from Mubadala Capital, the Saudi Venture Capital Company, Jada, and several unspecified family offices.

Who is Access Bridge Ventures? ABV was established earlier this year by former IFC MENA & Pakistan Head Issa Aghabi (Linkedin) and Rakan AlRashed (Linkedin), who was previously part of Abraaj Group. The fund has so far invested in Egyptian logistics firm Flextock and Saudi auto marketplace Speero.

OTHER INVESTMENT NEWS:

• State-owned investment bank NI Capital has launched a liquid mutual fund with targeted portfolio value of EGP 50-100 mn, the Planning Ministry said in a statement (pdf).
• The UAE House of Experience (HoE) plans to launch a digital mall in Egypt during March 2021 with initial investments of USD 3 mn, CEO Ashraf Gaber said.
• Egypt-based brokerage Osoul Securities is setting up a branch in the UAE under an MoU it signed (pdf) with Dubai-headquartered BH Mubasher.
• Banque Misr now holds 88.5% of Misr Exchange Co. after acquiring a 10% stake formerly held by its mother company, Misr Insurance Holding, the local press reports.
• A consortium of agricultural and real estate companies is eyeing a 90% stake in ElNasr for Manufacturing Agricultural Crops, according to a Financial Regulatory Authority statement (pdf).