Disruptech, the recently established Egypt-focused $25 million fintech fund founded by Fawry’s co-founder and former managing director Mohamed Okasha, and ‘leading finance guru’ Malek Sultan, has made its first two investments, it told MENAbytes today. The investments have been made in Khazna & Brimore. The firm did not disclose the exact size of investments but has told MENAbytes that each one of them is a six-figure USD deal.
Khazna, founded last year by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah is a Cairo-based fintech that aims to provide mobile financial services to over 20 million underbanked Egyptian.
Omar Saleh said, the co-founder and CEO of Khazna, said, “We are happy to have Disruptech as an investor and longterm partner in Khazna. It is an industry specialized fund that will bring significant value to the company.”
Founded in 2017 by Mohamed Abdulaziz and Ahmed Sheikha, Brimore is a distribution technology platform that enables local manufacturers and suppliers to have nationwide coverage through a network of individual sales agents– mainly females – selling products directly to consumers in their circles using mobile apps and different other channels.
Mohamed Okasha, the Managing Partner of Disruptech, speaking to MENAbytes hinted that the Cairo-based startup could explore the option of expanding into digital lending (for its partners), “We look at fintech as an ecosystem and Brimore is an edistribution platform with a clear digital lending opportunity and supply chain finance which is part of this ecosystem.”
“We have been very selective with our choice of investors. Disruptech is a partner that will be adding great value and supporting the company with the experience its management team has, specifically in financial services and social impact," Mohamed Abdulaziz, the co-founder and CEO of Brimore, said