Camel Ventures launches $16 million fund to back fintech in Egypt
- Egypt-based Camel Ventures has launched a $16 million VC investment vehicle “Camel Ventures for Investment I (CVI)”.
- The new VC fund will focus on supporting Egypt's fintech startup ecosystem, by providing them with both equity investments for early-stage startups, as well as venture debt for later-stage startups.
- CVI has already made ten investments in various sectors across Egypt, including Khazenly, Pharmacy Marts, and klickit.
Source: Cairo Scene
Egypt-based Camel Ventures has launched an EGP 500 million Venture Capital Investment Vehicle, dubbed Camel Ventures for Investment I (CVI), focused on financing Egypt's growing fintech startup ecosystem. Regulated by the Egyptian Financial Regulatory Authority, CVI provides both equity investments for early-stage startups, as well as venture debt denominated in local currency for later-stage startups.
CVI is backed by a diverse group of investors, including banks, financial institutions, and family offices based in Egypt and the GCC. The Founding and Managing Team - made up of Shehab Marzban, Mona El Sayed, and Mahmoud El-Zohairy - partnered with Al Ahly Capital Holding and dfin Holding to create CVI as the first fintech-focused investor in Egypt.
CVI has already made ten investments in various sectors across Egypt, including Khazenly, Pharmacy Marts, and klickit. The management team believes in working closely with startups, regulators, investors, peer VCs, and service providers to create sustainable growth and value for its investees and the fintech ecosystem at large.