Egypt: First close for Endure Capital fund
Egypt-based Endure Capital has completed the first close of its new $50 million fund to invest in early-stage start-ups in Africa. The fund, Endure 21, is Endure Capital’s second early-stage venture capital fund and will focus its investments primarily on impact-driven early-stage start-ups in Africa, with a selective approach to investing in growth-stage start-ups globally.
The limited partners who have invested in the fund include British International Investment (BII); The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) – Egypt’s Social Fund for Development; and founders of different leading start-ups of the region.
Launched in 2015 by serial entrepreneur Tarek Fahim, Endure Capital has established itself as one of the leading VC firms in the region. Its first fund was one of the early institutional investors in Careem which was acquired by Uber for $3.1 billion in 2019. The acquisition remains the biggest tech exit the Middle East has seen. The investments from Endure’s first fund also include regional B2B e-commerce leader MaxAB and Breadfast, the grocery delivery start-up that has pioneered dark stores in Egypt.
Commenting on the first close of its second fund, Fahim said, “Endure is committed to adding value to the region’s flourishing start-up founders, and ecosystem, and we love to partner with founders that relentlessly pursue entrepreneurship as a means for value creation to society and who are building lasting businesses.”
With Endure 21, the firm will follow a sector-agnostic approach and invest in 24 companies. Endure Capital will reserve half the fund for follow-on investments in its top-performing companies from its portfolio.