It’s a VC. It’s an incubator. It’s a vencubator: T-Vencubator — a homegrown mix that combines incubation with venture capital to invest exclusively in local tech startups — has kicked off operations, it said yesterday in a statement(pdf).

The plan: T-Vencubator wants to deploy funds in five startups next year, with plans to kick off its incubator program in July, a company representative told Enterprise. The firm will mainly target early-stage startups offering tech solutions, but Series A funding and buying stakes from existing investors are also in the cards.

What they said:“T-Vencubator will focus on promising companies that have promising ideas and use tech solutions and artificial intelligence to tackle challenges. The companies [we will invest in] and size of investments will be announced in 2024,” CEO Reem Safy (LinkedIn) said.

** We spoke to Safy last year for our My Morning Routine column.

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