Sawari Ventures announces $35m first closing of $70m North Africa fundEgyptian venture capital firm Sawari Ventures yesterday (9 December) announced a $35-million first closing of its $70-million Sawari Ventures North Africa Fund I (SVNFI). The Cairo-based VC firm made the announcement on the sidelines of the last day of the Africa 2018 Business Forum in Sharm El Sheikh in Egypt. In a statement yesterday (9 December), Sawari Ventures stated that it aims to use the fund to invest in tech and knowledge-driven companies in Egypt, Tunisia and Morocco. The Sawari Ventures North Africa Fund I will focus on tech startups in Egypt, Tunisia and MoroccoThe VC also mentioned in the statement that it will soon announce the closing of an Egypt-only fund that will operate parallel to SVNFI. “This investment in the Sawari Ventures North Africa Fund I fully fits our mandate to support innovation, skilled job creation and access to essential services in the region,” he said.

Source: The North Africa Journal December 10, 2018 10:52 UTC