{"id":587807,"date":"2023-06-01T00:00:00","date_gmt":"2023-06-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/disruptech-to-invest-usd-5-mn-in-local-fintechs-this-year-plus-real-estate-in-new-cities-delayed-customs-clearance-fees\/"},"modified":"2023-06-01T00:00:00","modified_gmt":"2023-06-01T00:00:00","slug":"disruptech-to-invest-usd-5-mn-in-local-fintechs-this-year-plus-real-estate-in-new-cities-delayed-customs-clearance-fees","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/disruptech-to-invest-usd-5-mn-in-local-fintechs-this-year-plus-real-estate-in-new-cities-delayed-customs-clearance-fees\/","title":{"rendered":"Disruptech to invest USD 5 mn in local fintechs this year. PLUS: real estate in new cities, delayed customs clearance fees"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">STARTUPS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">More fintech investment from Disruptech this year:<\/span><span style=\"\"> Local fintech fund <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.disruptechventures.com\/#who-are-we\" style=\"\">Disruptech Ventures<\/a><\/span><span>plans to invest some USD 5 mn in <\/span><span>four <\/span><span>local fintech startups before the end of 2023, Managing Partner Mohamed Okasha confirmed to Enterprise after the news was first reported by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.dailynewsegypt.com\/2023\/05\/28\/disruptech-ventures-to-invest-5m-in-4-fintech-startups-before-2023-end\/\" style=\"\">Daily News Egypt<\/a><\/span><span style=\"font-weight:400;\">. Okasha declined to name the firms.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Where the money\u2019s coming from: <\/span><span>The early-stage fintech fund made its USD 36 mn second close earlier this year with investments from various DFIs and investment funds, including the French government's private-sector investment arm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bdcf9733-5493-4c5a-8992-0bf43540932a\" style=\"\">Proparco<\/a><\/span><span> and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98f42f43-89ba-43ca-9922-69b36041ee5c\" style=\"\">International Finance Corporation<\/a><\/span><span>. Similar amounts were contributed by the government\u2019s<\/span><span> Micro, Small, and Medium Enterprises Development Agency and  Avanz Capital Management\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.avanzcapital.com\/\" style=\"\">Avanz Manar<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.avanzcapital.com\/\" style=\"\">a<\/a><\/span><span style=\"font-weight:400;\"> fund, Okasha told us. The fund made a first USD 25 mn close in February 2022.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The fund has deployed some <\/span><span style=\"font-weight:700\">40% of its capital<\/span><span> across 14 startups<\/span><span> \u2014 including Brimore, Cassbana, Fatura, Gahez, Khazna, MNT Halan, and Mozare3 \u2014 and has plans to eventually double the number of firms in its portfolio, Okasha said. It has recently invested in companies including <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/widebot.net\/enterprise\/\" style=\"\">WideBot<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/isupply.tech\/\" style=\"\">iSupply<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nicedeer.com\/\" style=\"\">NiceDeer<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/teradix.com\/\" style=\"\">Teradix<\/a><\/span><span>, and <\/span><span>MalBazaar<\/span><span>, he added. Disruptech buys minority stakes of 5-10% in its portfolio firms and is targeting a 3-4 x return on its investment over the 10-year lifespan of the fund.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">REAL ESTATE- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More support for real estate developments in new cities: <\/span><span style=\"\">The New Urban Communities <\/span><span>Authority (NUCA) has widened support measures introduced <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04aeeb0e-94ef-488b-8ea9-320c3f16c90e\" style=\"\">in February<\/a><\/span><span> to help real estate developers complete projects in new cities through the current economic headwinds, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid06JhMhR5cLWqC9QNvkNApkpc2FZFBG9iQZPFu9GP72n3VhNtzxLKJFRrwKzkLNbjCl\" style=\"\">Housing Ministry said<\/a><\/span><span> yesterday<\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">What\u2019s happening:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">More time: <\/span><span style=\"font-weight:400;\">Developers will receive another 20% deadline extension on their projects \u2014 even if they\u2019ve already been granted a 20% extension under the previous set of measures or previously paid to push back their deadlines.<\/span><\/li>\n<li><span style=\"font-weight:700\">Fewer fines:<\/span><span style=\"font-weight:400;\"> Projects will be considered finished when they are 80% complete, allowing developers to complete the final 20% of construction at their own pace without being fined for late delivery. The ratio was reduced from 90% to 85% in February. <\/span><\/li>\n<li><span style=\"font-weight:700\">Laxer building regs:<\/span><span style=\"font-weight:400;\"> The authority is also loosening various rules on the maximum building density of projects and the split between buildings, utilities, and services. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember:<\/span><span style=\"\"> The move is among the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">22 measures<\/a><\/span><span style=\"\"> announced by the <\/span><span style=\"font-weight:400;\">government last month aimed at boosting foreign investment.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">REGULATION-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Importers have more time to pay customs fees:<\/span><span style=\"\"> Importers can now pay just 1% of the tax <\/span><span>and fees required to proceed with the customs clearance process before the arrival of imports, down from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/42iBhtM\" style=\"\">30% previously<\/a><\/span><span>, according to <\/span><span>a Finance Ministry decision published in the <\/span><span>Official Gazette<\/span><span>. <\/span><span style=\"font-weight:400;\">The remaining 99% is to be paid upon the arrival of imports, the statement reads. The decision went into effect on 30 May.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">TRANSPORT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Abela Egypt to run the country\u2019s sleeper trains?<\/span><span style=\"\"> The Transport Ministry intends to award <\/span><span>catering and services company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.abelaegypt.com\/\" style=\"\">Abela Egypt<\/a><\/span><span> \u2014 a subsidiary of the Sawiris family\u2019s Gemini Holding \u2014 a 15-year contract to manage and operate sleeper cars for the Egyptian Railway Authority, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/31\/1673441\" style=\"\">Al Borsa<\/a><\/span><span style=\"font-weight:400;\"> reports, citing sources it says are in the know. Set to be signed next month, the contract would hand Abela 3% of revenues during the first five years, 2.5% throughout the second third of the contract, and 2% throughout the last third, the newspaper reports.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">CLIMATE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Six green projects have graduated from the UK-backed Climate Finance Accelerator<\/span><span style=\"\">, <\/span><span>according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/05\/Innovative-low-carbon-projects-graduate-from-The-Climate-Finance-Accelerator.pdf\" style=\"\">press release (pdf)<\/a><\/span><span>. The companies are: alternative plastics manufacturer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/company\/aldawara\/\" style=\"\">Al Dawara<\/a><\/span><span>, agritech company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/farmtopia.farm\/\" style=\"\">Farmtopia<\/a><\/span><span>;<\/span><span> sustainable infrastructure developer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/irs-c.com\/\" style=\"\">IRSC for Renewable Energy Solutions<\/a><\/span><span>; environmental tech firm<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.renile.net\/\" style=\"\">ReNile<\/a><\/span><span>; eco-friendly building materials startup <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/TileGreenMaterials\" style=\"\">Tile Green<\/a><\/span><span>; and climate change and farming app <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/zr3i.com\/ar\" style=\"\">Zr3i<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A number of international investors have committed funds to the VC\u2019s USD 36 mn fintech fund<\/p>\n","protected":false},"author":1,"featured_media":587808,"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":[7209],"tags":[10643,111,309,72,183,4873,83,207,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-abela-egypt","tag-also-on-our-radar","tag-customs","tag-enterpriseam","tag-fintech","tag-mohamed-okasha","tag-real-estate","tag-transport","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"e55dabdf-c807-459c-b344-6d9e410b8013","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/3.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Disruptech to invest USD 5 mn in Egyptian fintechs this year. PLUS: real estate in new cities, delayed customs clearance fees","related_issue":[587780],"teaser":"A number of international investors have committed funds to the VC\u2019s USD 36 mn fintech fund","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.cc2b4e84-a24a-4ad9-9f50-62948bc49203.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Disruptech to invest USD 5 mn in local fintechs this year. 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