{"id":556768,"date":"2021-10-17T13:37:44","date_gmt":"2021-10-17T13:37:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/beware-the-clueless-tourist-vc-melbourne-citizens-come-out-of-lockdown\/"},"modified":"2021-10-17T13:37:44","modified_gmt":"2021-10-17T13:37:44","slug":"beware-the-clueless-tourist-vc-melbourne-citizens-come-out-of-lockdown","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/beware-the-clueless-tourist-vc-melbourne-citizens-come-out-of-lockdown\/","title":{"rendered":"Beware the clueless tourist VC + Melbourne citizens come out of lockdown"},"content":{"rendered":"

<\/a> Beware the clueless tourist VC:<\/strong> The soaring interest in Egyptian startups from foreign VCs may seem opportune. But without the local knowhow needed, these type of investors may end up hurting the startups they invest in, Mohamed Aboulnaga, co-founder and CEO of Egypt-based fintech Klivvr and co-founder of Halan (now MNT-Halan<\/a>) writes in an oped for Wamda<\/a>. Global VCs who wish to tap into the local market will opt for one of two routes. The smart approach: which he says entails appointing local partners or local boards and have them scout for companies to invest in \u2014 similar to how a tourist would bring a local along to ensure they don\u2019t get lost or fall victim to tourist traps. Then there are those VCs that invest somewhat blindly, without taking the advice of locals who know the market more intimately, which then results in them paying premiums \u2014 just like a clueless tourist would.<\/p>\n

The clueless tourist approach bears \u201cdangerous\u201d consequences to both the VC and the <\/strong>startup<\/strong>, Aboulnaga warns. \u201cIt inflates the valuation of certain startups and puts a lot of pressure on the founder and the management team,\u201d he says, explaining that they will now feel like they have to perform more to keep up with the stamped valuation. As for the VC, it will have the wrong impression of the local market and its prices, and if their investment does not perform they will not come back.<\/p>\n

His oped comes as Egyptian startups have been raising larger sums in funding rounds <\/strong>from foreign VCs.<\/strong> Most recently, digital ins. startup Amenli<\/a> raised USD 2.3 mn<\/a> in a seed round co-led by P1 Ventures<\/a>, Global Founders Capital<\/a>, and Anim Fund<\/a>, and also included Costanoa Ventures<\/a>, Liquid2 Ventures<\/a>, Cliff Angels and other angel investors. It followed Odiggo securing USD 2.2 mn in seed finance<\/a> as part of the Y Combinator 2021 summer batch. 500 Startups, Plug and Play Ventures, and a number of regional VCs including Seedra Ventures and LoftyInc Capital joined Y Combinator in the round. And Aboulnaga\u2019s very own MNT-Halan<\/a> closed what we believe is the largest fintech round ever<\/a> to take place in MENA, raising c. USD 120 mn from a group of investors that includes financial services-focused PE house Apis, the UK\u2019s Development Partners International (DPI) and Lorax Capital Partners.<\/p>\n

\n

SOME COVID STORIES- After spending a collective 262 days stuck at home due to covid lockdowns, Melbourne citizens will officially be allowed to roam starting Friday, 22 October<\/strong>, after Premier Daniel Andrews announced<\/a> that the Australian state of Victoria will start opening up. This comes after 90% of the state\u2019s citizens got their first jab and 70% are expected to have received both jabs by the end of the week. And although the state is reopening and the high vaccination rate, precautionary measures will still be enforced with citizens having to wear their masks at all times and a strict capacity limit set on all public venues. These restrictions are expected to ease once 80% of the state\u2019s citizens are fully vaccinated. Students will also be allowed to go back to classrooms.<\/p>\n

FDA panel recommends J&J booster shots:<\/strong> A US FDA advisory committee recommended the use of Johnson & Johnson boosters on Friday, paving the way for 15 mn Americans to receive a second dose<\/a> of the shot as early as this week, pending FDA approval.<\/p>\n

It was hardly a glowing endorsement for the company\u2019s jab:<\/strong> Panel members said that having recently approved third jabs of Moderna and Pfizer-BioNTech shots, they were obliged to authorize Johnson & Johnson boosters \u2014 especially given the one-shot vaccine\u2019s lower efficacy. They added that recipients of a first Johnson & Johnson shot might be better off getting Pfizer-BioNTech or Moderna booster instead, something an FDA official said was being considered.<\/p>\n","protected":false},"excerpt":{"rendered":"

Beware the clueless tourist VC: The soaring interest in Egyptian startups from foreign VCs may seem opportune. But without the local knowhow needed, these type of investors may end up hurting the startups they invest in, Mohamed Aboulnaga, co-founder and CEO of Egypt-based fintech Klivvr and co-founder of Halan (now MNT-Halan) writes in an oped […]<\/p>\n","protected":false},"author":1,"featured_media":556769,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[107,633,638,3044,310,123,113,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-covid-19","tag-enterprisepm","tag-for-your-commute","tag-johnson-johnson","tag-mnt-halan","tag-startups","tag-vaccines","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"6c23c25c-2add-415c-92b5-4d47ffcc407e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/419.jpg","photo_position":"above","related_issue":[556764],"teaser":"","voice_url":""},"yoast_head":"\nBeware the clueless tourist VC + Melbourne citizens come out of lockdown - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/beware-the-clueless-tourist-vc-melbourne-citizens-come-out-of-lockdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beware the clueless tourist VC + Melbourne citizens come out of lockdown\" \/>\n<meta property=\"og:description\" content=\"Beware the clueless tourist VC: The soaring interest in Egyptian startups from foreign VCs may seem opportune. 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Magnitt.Putting this in perspective: Less than USD 1.5 bn was invested in MENAPT startups through the whole of 2020.Fintech + e-commerce\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/472.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542651,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/10\/mnt-halan-wants-to-tap-new-markets-in-2022\/","url_meta":{"origin":556768,"position":2},"title":"MNT-Halan wants to tap new markets in 2022","author":"enterpriseam admin","date":"10 January 2022","format":false,"excerpt":"MNT-Halan is looking at cross-border expansion this year, with plans to tap markets where \u201cthere are large unbanked populations that need serving,\u201d CEO and co-founder Mounir Nakhla told the Banker magazine. The fintech firm \u2014 which last year raised USD 120 mn in what remains the region\u2019s largest-ever fintech round\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/104.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563261,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/24\/egypt-gets-its-own-super-app\/","url_meta":{"origin":556768,"position":3},"title":"Egypt gets its own \u201csuper app\u201d","author":"enterpriseam admin","date":"24 June 2021","format":false,"excerpt":"MNT merges with Halan in share swap: Netherlands-based payments company MNT has entered into a share swap agreement with fintech \/ delivery \/ ride-hailing company Halan, it announced in a statement (pdf) yesterday. The combined entity \u2014 MNT-Halan \u2014 is positioning itself as Egypt\u2019s first \u201csuper app\u201d that will combine\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/310.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594004,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/16\/halan-seeks-series-b-funding-for-b2b-and-b2c-expansion\/","url_meta":{"origin":556768,"position":4},"title":"Halan seeks Series B funding for B2B and B2C expansion","author":"enterpriseam admin","date":"16 October 2019","format":false,"excerpt":"STARTUP WATCH- Halan seeks Series B funding for B2B and B2C expansion: Cairo-based tuk-tuk and motorcycle ride-hailing startup Halan is planning to use the funding it receives from its ongoing series B round to expand both its B2C and B2B offerings, including on-demand logistics, courier services, direct sales, payments, and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":579327,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/mnt-halan-on-its-way-to-unicorn-status-with-major-chimera-investment\/","url_meta":{"origin":556768,"position":5},"title":"MNT-Halan on its way to unicorn status with major Chimera investment","author":"enterpriseam admin","date":"2 February 2023","format":false,"excerpt":"IFC is also intending to invest USD 40 mn in MNT-Halan","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/35.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556768"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556768\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/556764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/556769"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556768"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556768"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}