Egypt: Foundation Ventures unveils $25m fund
Foundation Ventures, a Cairo-based venture capital firm, has announced the first close of its $25 million fund, FVFII.
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Foundation Ventures, a Cairo-based venture capital firm, has announced the first close of its $25 million fund, FVFII.
Investors in the fund include the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and Onsi Sawiris.
“Egypt boasts one of the region’s most talented tech pools and one of the largest economies in the Middle East and Africa. The devalued currency offers startups a rare chance to harness superior tech talent and use Egypt as a cost-efficient testbed,” said Mazen Nadim, managing partner at Foundation Ventures. “This enables startups to refine their business models locally and emerge as competitive players on the regional and global stages.”
“We are excited to partner with Foundation Ventures and confident in the exceptional talent and vision of their team. This partnership underscores our commitment to supporting innovative entrepreneurs who are shaping the future of the region and our belief in the significant potential of Egypt’s growing venture capital ecosystem to drive economic growth,” commented Yasmine Ghobrial, chief investment officer at the Egyptian-American Enterprise Fund.
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