Egypt-based Cairo Angels, an angel investment network that funds Egyptians startups has announced the launch of a US$3 million (EGP47.07 million) micro venture capital (VC) fund that will finance early stage startups in the Middle East and Africa.
The fund which is named Cairo Syndicate Fund will primary support both local and regional startups particularly in Egypt, Saudi Arabia, and the UAE at the pre-Series A stage. The fund is expected to start financing startups in January 2020.
“We are always looking at ways to bring new ideas and innovation to our region, and launching the fund is the next step in our evolution,” Aly El Shalakany, a member of the newly launched fund’s investment committee, said. “We have enjoyed great success investing in this space, and we now want to democratize access to this exciting asset class to active and passive investors alike. Our new model will bring something different to the market and provide much-needed capital to a clear gap in the funding life cycle of startups in our region.”
Nader Aboushadi – a member of the fund’s board said, “This is an exciting time for Cairo Angels as we embark on this new venture to create our first fund. Since we’ve been pioneers in the industry, we are confident that this fund will bring a lot of value to investors, startups and the community.”
“This fund will create a unique opportunity for people to have access to innovative ideas at an affordable initial investment that is available for everyone” he added.