New venture capital funds in Egypt to receive $ 120 million from GIZ

Now is a good time to raise money for venture capital investing in Egypt, especially if it is a first time fund.

GIZ Egypt has launched a 100 million euro ($ 120 million) funding program called “VC University”.

The initiative is a collaboration between GIZ, the German international development agency, and the Egyptian Agency for the Development of Micro, Small and Medium Enterprises (MSMEDA), Endure Capital and Changelabs.

GIZ has been working in Egypt since 1956. Through their Cairo office, GIZ works on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) to implement projects on behalf of other German ministries, the European Union and international organizations.

VC University will be a one-year program. Giving money to new fund managers is not all that needs to be done. Selected fund managers will benefit from mentoring and access to investors from around the world, Wamda Reports.

Managers will receive technical assistance from MSMEDA.

Ali Saleh, who heads start-up finance at GIZ Egypt, says VC University “will educate early career fund managers on how they can raise capital or deal with challenges that may arise in the future. ‘to come up.

A direct benefit of the increase in the number of active early-stage venture capitalists will be increased investment in start-ups.

Egypt is gaining ground in terms of providing working capital to startups with two recent funds from Sawari and Algebra expanding the funding train. But there is still room for more and $ 120 million will go a long way in providing more liquidity in the North African ecosystem.

VC University will provide between 25 and 30 million euros to up to four fund managers. The funds can be based in Egypt or elsewhere in the MENA region, as long as they invest in startups based in Egypt.

“There are a lot of programs for startups, but venture capital funds are being left behind. We have seen that there is a void there that needs to be filled, ”Saleh said.


Source link

About Colin Shumway

Check Also

FSU President Focuses on Research and Entrepreneurship Speaking to Economic Club of Florida

Richard McCullough was confirmed as the 16th president of Florida State University in June. During …

Leave a Reply

Your email address will not be published. Required fields are marked *