$100 M to be invested by British International Investment (BII) in Egyptian startups
British International Investment (BII), formerly known as CDC Group and a development financing institution (DFI) of the UK government, has declared its intention to invest US $100 million in Egyptian entrepreneurs throughout the course of its current strategy term.
At a business gathering to introduce its new identity in Egypt, BII revealed its future goals for the nation and reiterated its dedication to advancing its cooperation with Egypt and raising climate financing to assist the nation’s green economy.
Algebra Ventures and Endure Capital, two prominent local VC firms that support and partner with the most promising early-stage businesses to build transformative companies across sectors like FinTech, agritech, edtech, logistics, and healthcare, received new commitments from the DFI as part of BII’s goal to strengthen Egyptian VC.
MaxAB, a well-known B2B e-commerce platform in North Africa, has received funding from BII as well. The money will help 4,000 jobs be created and enable MaxAB to expand throughout Egypt and Morocco, bringing the company’s reach to an additional 73,000 micro-retailers in the area.
“These investments form a critical part of BII’s new five-year strategy and reflect our local priorities to continuously explore opportunities to back local venture capital fund managers and direct our capital toward stimulating entrepreneurship and innovation among native businesses in impactful sectors. We believe local investors are ideal partners to identify the next generation of high-potential entrepreneurs whose unique solutions help solve development challenges, including climate solutions,” said BII CEO Nick O’Donohoe.
