{"id":565366,"date":"2021-04-05T13:49:40","date_gmt":"2021-04-05T13:49:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/sawari-ventures-closes-egp-440-mn-egypt-tech-fund\/"},"modified":"2021-04-05T13:49:40","modified_gmt":"2021-04-05T13:49:40","slug":"sawari-ventures-closes-egp-440-mn-egypt-tech-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/sawari-ventures-closes-egp-440-mn-egypt-tech-fund\/","title":{"rendered":"Sawari Ventures closes EGP 440 mn Egypt tech fund"},"content":{"rendered":"

<\/a> Cairo-based VC firm Sawari Ventures has reached final <\/strong>close<\/strong> on its Egypt-focused tech fund,<\/strong> raising USD 28 mn<\/strong> (EGP 440 mn) from a handful of local and regional institutional investors, the company has announced in a statement (pdf)<\/a>. This fund, which is domiciled in Egypt, will invest in parallel with a separate Netherlands-based fund under one unified platform, managed by Sawari. The platform\u2019s combined commitments is now at USD 70 mn (EGP 1.1 bn), after the Netherlands-based fund separately raised commitments of USD 42 mn.<\/p>\n

Local state-owned financial institutions dominated the fund\u2019s close,<\/strong> with the National Bank of Egypt, Banque Misr, Banque du Caire, Misr Insurance Group and Suez Canal Bank all contributing to the fund. Ekuity \u2014 an investment company owned by Kuwait\u2019s sovereign wealth fund \u2014 was the outlier, being the sole foreign entity to invest.<\/p>\n

Sawari has deployed a third of the capital, so far...:<\/strong> The fund has so far invested around a third of the fund\u2019s capital, primarily in companies in the fintech, fabless chip makers and transport and logistics spaces, Sawari Managing Partner Hany Al Sonbaty told Enterprise. The money has been split between 12 companies, four of which have been announced. The other eight companies operate in the semiconductor, ecommerce and fintech sectors, and will be announced later this quarter, he added.<\/p>\n

...and expects to complete the process by the end of next year:<\/strong> The fund will invest another USD 15-20 mn during the rest of this year and hopes to be fully invested by the end of 2021, Al Sonbaty said. Between USD 1-5 mn will be invested in each firm, which will be selected from a range of tech-driven sectors, including fintech, health and education technologies, and software.<\/p>\n

Around 40% of the fund will likely be reserved for follow-on investments<\/strong>, Al Sonbaty added.<\/p>\n

The presence of local institutions marks a change from the first close<\/strong>, which was dominated by international development finance institutions such as the European Investment Bank, the UK\u2019s CDC and the French Development Agency\u2019s private sector financing arm Proparco.<\/p>\n

Why the switch to local partners?<\/strong> The investment platform is actually made up of two separate funds which invest in Egyptian companies in parallel: One foreign-domiciled and one regulated in Egypt by the Financial Regulatory Authority, Al Sonbaty explained. \u201cThis investment platform is the first of its kind in Egypt and allows us to bring together foreign and local capital into the ecosystem which is critical for the long term sustainability of the venture capital asset class,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cairo-based VC firm Sawari Ventures has reached final close on its Egypt-focused tech fund, raising USD 28 mn (EGP 440 mn) from a handful of local and regional institutional investors, the company has announced in a statement (pdf). This fund, which is domiciled in Egypt, will invest in parallel with a separate Netherlands-based fund under […]<\/p>\n","protected":false},"author":1,"featured_media":565367,"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":[10036],"tags":[726,576,199,401,4217,633,760,183,2588,1550,125,145,472,248,4218,444,645,1164,207,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-investment-watch","tag-banque-du-caire","tag-banque-misr","tag-e-commerce","tag-edtech","tag-ekuity","tag-enterprisepm","tag-european-investment-bank","tag-fintech","tag-french-development-agency","tag-healthtech","tag-investment-watch","tag-logistics","tag-misr-insurance-holding","tag-national-bank-of-egypt","tag-proparco","tag-sawari-ventures","tag-semiconductors","tag-suez-canal-bank","tag-transport","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"4fe9ecce-c61c-4c56-87ab-05ea2cb9c969","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/335.jpg","photo_position":"above","related_issue":[565358],"teaser":"","voice_url":""},"yoast_head":"\nSawari Ventures closes EGP 440 mn Egypt tech fund - 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\/04\/05\/sawari-ventures-closes-egp-440-mn-egypt-tech-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sawari Ventures closes EGP 440 mn Egypt tech fund\" \/>\n<meta property=\"og:description\" content=\"Cairo-based VC firm Sawari Ventures has reached final close on its Egypt-focused tech fund, raising USD 28 mn (EGP 440 mn) from a handful of local and regional institutional investors, the company has announced in a statement (pdf). 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The source spoke on condition of anonymity. Sawari has earmarked some EGP 250 mn from its EGP 1 bn\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\/5\/233.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604670,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/10\/sawari-ventures-nearing-close-on-egypt-focused-vc-fund-announces-close-of-usd-35-mn-north-african-fund\/","url_meta":{"origin":565366,"position":1},"title":"Sawari Ventures nearing close on Egypt-focused VC fund, announces close of USD 35 mn North African fund","author":"enterpriseam admin","date":"10 December 2018","format":false,"excerpt":"INVESTMENT WATCH- Sawari Ventures nearing close on large Egypt-focused VC fund: Sawari Ventures expects to announce soon the close of an Egypt-only venture capital fund that will invest an average of USD 1.5 mn apiece in 25 growth stage companies, the firm said in an announcement (pdf) at the Africa\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":653748,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/22\/sawari-ventures-is-launching-its-usd-200-mn-sawari-ventures-fund-ii\/","url_meta":{"origin":565366,"position":2},"title":"Sawari Ventures is launching its USD 200 mn Sawari Ventures Fund II","author":"enterpriseam admin","date":"22 October 2024","format":false,"excerpt":"The fund will target local and African startups and fintech players","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\/2024\/10\/1843.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":627655,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/07\/sawari-ventures-looks-set-to-reach-first-close-on-a-usd-55-mn-venture-capital-fund-by-the-end-of-june\/","url_meta":{"origin":565366,"position":3},"title":"Sawari Ventures looks set to reach first close on a USD 55 mn venture capital fund by the end of June","author":"enterpriseam admin","date":"7 June 2018","format":false,"excerpt":"INVESTMENT WATCH- Sawari Ventures looks set to reach a USD 55 mn first close on venture capital fund by the end of June, according to a piece in Al Mal quoting founding partner Wael Amin. Limited partners in the fund include the National Bank of Egypt and Banque du Caire,\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":625020,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/25\/sawari-ventures-to-launch-egp-1-bn-fintech-fund-by-year-end-pending-cbe-approval\/","url_meta":{"origin":565366,"position":4},"title":"Sawari Ventures to launch EGP 1 bn FinTech fund by year-end pending CBE approval","author":"enterpriseam admin","date":"25 September 2018","format":false,"excerpt":"**#6 INVESTMENT WATCH- Sawari Ventures to launch EGP 1 bn fintech fund by year-end: Sawari Ventures will launch its EGP 1 bn fintech-focused venture capital fund by the end of this year or early next year, depending on the timing of approvals it needs from the central bank, Al Mal\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":603505,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/24\/sawari-ventures-to-invest-c-usd-70-mn-in-north-africa-within-four-years\/","url_meta":{"origin":565366,"position":5},"title":"Sawari Ventures to invest c.USD 70 mn in North Africa within four years","author":"enterpriseam admin","date":"24 April 2019","format":false,"excerpt":"INVESTMENT WATCH- Sawari Ventures to deploy c.USD 70 mn across North Africa over four years: Egyptian venture capital firm Sawari Ventures plans to invest close to USD 70 mn in high-growth tech and tech-enabled companies in Egypt, Tunisia and Morocco over the next four years, partner Wael Amin tells Disrupt\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\/2019\/4\/2785.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\/565366","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=565366"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565366\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565358"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565367"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565366"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565366"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}