Sawari Ventures closes $71m fund for North African Startups
Sawari ventures closed a $71 million fund for North Africa. The firm announced it more than 2 years ago and it closed a $41 million fund with big investors like CDC, EIB, Proparco and Dutch Good Growth Fund.
Swari was then able to close the rest $30 million with even more investors like Banque Misr, Banque du Caire, Ekuity, MIG, NBE and Suez Canal Bank.
Sawari Ventures was launched in 2010 with the efforts of 3 people, Ahmed El-Alfi, Hany Al-Sonbaty who were investors and Wael Amin who had founded a tech company called ITWorx.
Egypt, Tunisia and Morocco are the focus of Sawari and it handles the best investments there. It's also easier to create cooperations between the 3 of them due to cultural and market similarities.