Sawari Ventures, one of the leading and oldest VC firms in the Egypt plans to launch a new $150 million fund to invest in local startups, different media outlets reported, citing remarks of its Managing Partner Hany Al-Sonbaty.
The reports did not share any specific details around fund’s investment focus, including sectors and check sizes, and timeline.
Founded in 2010 and led by Ahmed Al-Alfi, Hany Al-Sonbaty and Wael Amin, Sawari Ventures currently manages a $69 million Egypt-focused fund it closed in 2021, and another vehicle that is focused on North Africa.
Flat6Labs, one of the leading accelerators in the Middle East & North Africa, was also started by Sawari Ventures, in 2011. It is run by an intendent team with Hany Hany Al-Sonbaty serving as its chairman.
The firm has invested in over 30 companies to date through its own investment vehicles and over 500 startups across the region through different Flat6Labs accelerators.
The notable companies in its portfolio include Swvl, MoneyFellows, Axis, Almentor, and ExpandCart.
Hany Al-Sonbaty, the Managing Partner of the firm, said that its portfolio companies are expected to raise between $350 million to $500 million in investments over the next five years.
The executive expressed confidence that despite the economic challenges confronting Egypt, it remains a favorable time to invest in Egyptian startups. He said that investors will continue to invest in startups here and added that the challenges these startups are facing today will not hinder their long-term growth.
