Egypt’s venture capital landscape is evolving fast as fund managers expand across Africa, founders mature, and regional capital flows begin to normalize after a turbulent cycle. We spoke with Ibrahim Ramadan, partner at Sawari Ventures, on the sidelines of the EnterpriseAM Egypt Forum about the firm’s pan-African expansion and why he believes the coming year could be one of the brightest yet for Egypt’s startup ecosystem.

EnterpriseAM: What’s new at Sawari Ventures?

Ibrahim Ramadan: A lot, actually. We’ve been focused on expanding across the African continent. We’re headquartered in Egypt, but we now have offices in Casablanca and Dakar, and we’re opening in Nairobi. All of this is in preparation for our first pan-African fund. Egypt will still be a major focus — the capital-to-talent ratio here is compelling — but we believe the future is pan-African, out of and led by Egypt.

EnterpriseAM: If you were to start over and build a new business in a different sector today, what would it be?

IR: Honestly, not everyone is wired to build companies. It takes a specific temperament and mindset, and I don’t have that. That’s why I back founders who do. They’re the ones capable of building not just companies, but entire industries with their innovation. What I can say is that we need far more fund managers across all private-asset classes. That’s where the real gap is.

EnterpriseAM: On a personal level, which asset class do you prefer to invest in right now?

IR: I’m a VC guy, so of course I’ll say VC. But for VC to really function well, it needs both equity and debt. Right now, we’re seeing more equity players than debt players. Hopefully one day we’ll be doing both.

EnterpriseAM: What exchange rate are you penciling in for your 2026 budget?

IR: Below EGP 48 for the USD.

EnterpriseAM: Has AI had any impact on your hiring plans?

IR: Luckily, not yet. There’s still a very human element to what we do when selecting companies. It’s about trusting the founder — their resilience, their judgment, their ability to withstand the journey. It’s not just about the tech. AI can’t assess that, at least not yet.

EnterpriseAM: Are you optimistic, pessimistic, or neutral about the outlook for your industry next year?

IR: The future is so bright.

EnterpriseAM: What gives you that confidence?

IR: Nearly everything the industry needs is now in place — not everything, but almost. And the ecosystem is learning. After a decade of ups and downs in Egypt, we’re finally seeing those lessons stick. People say markets have short memories, but that’s not what we’re seeing here. One of the advantages of being a relatively young industry is that course-correction happens faster.

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