A consortium of Cairo based investors have entered into an agreement to establish the Cairo Angels which will be Egypt’s first formal network of angel investors. This will be followed by the launching of a syndicate investment fund to back pre-Series A startups in Africa and the Middle East. The Cairo Angels, which invests in and supports startups and early-stage, high-growth businesses, said it has already started fundraising and aims to close during the first quarter of next year.
Sources close to the group say that the syndicate fund will target startups that are pre-Series A and looking to fuel growth and expand regionally, and Cairo Angels believes its executive team, investment committee and board will provide a unique value proposition, leveraging its expertise and relationship capital in order to maximise impact on portfolio startups.
Read also:Lesotho Bars Foreigners From Owning Road Transport, Logistics Businesses Under New Rules
Speaking about the development, member of the fund’s investment committee, Aly El Shalakany said that “we are always looking at ways to bring new ideas and innovation to our region and launching the fund is the next step in our evolution. We have enjoyed great success investing in this space and we now want to democratise access to this exciting asset class to active and passive investors alike. Our new model will bring something different to the market and provide much needed capital to a clear gap in the funding life cycle of startups in our region,” Investors who are interested in this asset class are invited to apply to join as a limited partner in the fund, and Cairo Angels will be hosting an information session in this regard on November 16.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry