Sequence Ventures is planning to invest EGP 150 million this year through its Egypt Deep-Tech fund in ten tech firms, Managing Partner Mohamed Fahmy told Al Mal.
The fund is currently in discussions with 22 entrepreneurs with the goal of investing EGP12–17 million in ten deals beginning in May.
Sequence Ventures Executive Chairman Karim Helal stated to Enterprise that the fund intends to reach its first closing of EGP 150 million following Ramadan.
Two additional closes of between EGP 150–200 million each are required to reach the fund’s final closing target of EGP 500 million.
About Egypt’s Deep-Tech Industry: The fund, which was launched in October, is focused on acquiring businesses in a variety of technology industries, including healthtech, fintech, edtech, proptech, logistics, and DevOps.
The firm made its first investment last year, allocating an unknown sum of initial funding to AIM Technologies, a company focused on artificial intelligence-driven customer experience.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer