Alexandria Angels, an Egyptian investment manager, has launched a new investment fund designed to lend financial support to what it describes as “innovative, disruptive and high-potential start-ups at their seed and early stages”.More specifically, the Alex Angels Fund (AAF) will provide financial and technical support to its chosen firms and will also look to be co-investment partners alongside other angel investors in the region.
The fund will be worth EGP100 million ($6.7 million) and expects to begin investing by the third quarter of 2020.
“I’m super excited and committed to seeing the catalysing vision of the Alex Angels Fund put to the perusal of the wider communities of angel investors and high growth start-ups from Alexandria and Egypt, while turning in glorious returns and having fun with professional and pleasant personalities,” said Loay Shawarby, general partner at Alex Angels.
The fund launch comes at a time when Egypt’s venture capital market is on the rise. A recent report from Egypt’s Information Technology Industry Development Agency found that Egypt remains the number one place in the Mena region for funding and venture deals in the first quarter of 2020, accounting for 37% of the deals in the region. The report also referenced the Central Bank of Egypt’s plan to invest $6.35 billion in the domestic fintech sector.
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