A fund worth EGP 500 million (about US $16 million), formed by the Egyptian venture capital firm Camel Ventures, will target the nation’s financial startup sector.
Institutions in Egypt’s financial services and fintech industries, including dfin Holding and Al Ahly Capital Holding, support Camel Ventures.
Camel Ventures for Investment I (CVI), the company’s initial investment vehicle, aims to finance Egypt’s expanding financial startup scene. The fund, which is governed by the Egyptian Financial Regulatory Authority, offers venture debt in local currency for later-stage firms as well as equity investments for startups in the early stages.
Investors who support it include banks, financial institutions, and family offices with headquarters in Egypt and the GCC. The fund has already invested in ten companies across a range of industries, including Khazenly, Pharmaceutical Marts, and klickit.
“We believe in Camels – not only potential Unicorns – the embodiment of the characteristics we look for, and nurture, in our partners – the startups. Camels are the most powerful symbol of endurance, reliability, persistence, and strength,” the company said.
“They represent incredible patience and steadiness, but are also fast movers, and more importantly can maintain speed for long hauls. Their home is Africa and Asia, our target expansion markets, and the cradles of future innovation and progress.”
Instead of just providing funds, Camel Ventures is more interested in forming partnerships.
“The success of the startup relies on the collective strength of all partners and stakeholders. We focus on our deep local knowledge, regulatory and business expertise, as well as, our global outreach and network to support local champions while strengthening their growth on a regional and global level,” the firm said.
“Our diverse investment instruments are designed to provide our partners with the most appropriate alternative financing source to meet their specific stage requirements and to reduce exposure to unnecessary risks or excessive dilution.”
