Shorooq Partners, a venture capital firm, has stated that it can only fathom how difficult the past few weeks have been for Capiter employees and their families, and that they, as owners, cannot express enough gratitude for the hard work, support, and patience that the employees and their families have shown throughout this ordeal.
As one of the investors who have backed Capiter, the company has confirmed in a statement that it is heartbreaking to see the current situation, not necessarily in terms of the potential outcome in terms of financial capital, but more than the harmful perception and impact that can have on the emerging region and environmental capital in the region.
“We understand that there has been a lot of news with conflicting accounts on Capiter,” the statement added. “We know there is a lot of interest in what we have to say as shareholders of the company and this post is not about that, Shorooq Partners is not involved in operating Capiter and has no representation on the board of directors in the company, and as such, we are not in a position to provide feedback on behalf of the company. As shareholders, we need to respect and allow the Board of Directors to continue its work through appropriate legal channels. We know and trust that the Board of Directors is working tirelessly to fulfill its duties and responsibilities in caring for employees and providing clarity on the situation.”
The company believes that the best way to do this is by reflection, transparency, and always striving to discover the full factual truth, and stresses that together they will build a trustworthy ecosystem. Keeping this in mind, the company is committed to being as open and accountable as possible, including to its founders and current board members. This is done with the intention of putting people first and providing support to the many groups that make up the Capiter family.
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“We are committed to serving the Egyptian market and the broader ecosystem, and we are long-term value investors in the MENA region. Egypt, like many other countries, is going through difficult periods with currency fluctuations, supply chain disruptions, etc. Nevertheless, Shorooq and its partners continue to be committed to the state. We continue to work on improving our processes to identify great leaders early on, create real and tangible value on the ground and help build Egyptian companies that can expand globally,” the statement further stated.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert