Sawari Ventures has reached financial close for its Egyptian based fund of US$28-million which will be deployed towards the Egyptian small to medium enterprises as well as the emerging venture capital (VC) market. The amount was raised from mainly Egyptian companies which are the National Bank of Egypt, Banque du Caire, Suez Canal Bank, Banque Misr, Misr Insurance Group and Ekuity.
Sawari Ventures is an Egyptian venture capital firm with a US$70-million fund known as the Sawari Ventures North Africa Fund. The Egyptian based firm typically invests in tech and knowledge-driven companies in Egypt, Tunisia and Morocco. The fund is regulated by the Financial Regulatory Authority of Egypt and has invested in more than 30 companies in the North African region.