The Cairo Angels, a Egypt-based investment firm, rolled out a micro venture capital fund to invest in early stage start-ups in the Middle East and North Africa region.
The investment vehicle aims to start investing in the first quarter of 2021. It will finance companies in pre-Series A stage that are looking to expand regionally, the venture capital company said in a statement.
It is currently at the fund raising stage, Cairo Angels said without specifying the size of the fund.
"We have enjoyed great success investing in this space and we now want to democratise access to this exciting asset class to active and passive investors alike," said Aly El Shalakany, a member of the fund’s investment committee, said.
"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 start-ups in our region.”
Funding to Mena start-ups rose 35 per cent to reach $659 million in the first half of this year, according to data platform Magnitt. The increase was largely driven by a few start-ups that were involved in sizeable and high-profile funding rounds before the coronavirus outbreak began, the report said.
Egypt, which counts start-ups such as doctor-booking platform Vezeeta and transport app Swvl among its local success stories, ranked first in terms of the number of deals and accounted for 25 per cent of the total funding raised in the region.
With a population of nearly 100 million, the country has also recently gained traction among VCs who scout for early stage companies.
In October, Egypt -based Foundation Ventures launched its new debut fund to invest in early stage start-ups within the country.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Killing of Qassem Suleimani
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
MATCH INFO
Brescia 1 (Skrinia og, 76)
Inter Milan 2 (Martinez 33, Lukaku 63)
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The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
UAE currency: the story behind the money in your pockets
The biog
Favourite film: The Notebook
Favourite book: What I know for sure by Oprah Winfrey
Favourite quote: “Social equality is the only basis of human happiness” Nelson Madela. Hometown: Emmen, The Netherlands
Favourite activities: Walking on the beach, eating at restaurants and spending time with friends
Job: Founder and Managing Director of Mawaheb from Beautiful Peopl
