Benya Group has signed a memorandum of understanding with international venture capital firm Openner to build a $50 million venture capital fund as part of its plan to promote the talents of young calibres as the driving force in the field of digital innovation. The fund will invest funds and provide support to entrepreneurs and startups in Egypt, as well as the Arab and African markets.

Benya Group and Openner will form consultational and investment committees to select eligible startups and offer them with support and resources as a result of this arrangement.

“We are optimistic about our involvement in an investment fund focused on digital transformation in multiple sectors, especially that Openner will launch this fund with Benya Group, which has a proven track record of making a significant impact in the digital transformation in various sectors in Africa and the Middle East,” said Ashraf Rofail, General Partner and Founder of Openner. “We believe that the combination of capital and market access will drive startups to grow faster.”

Openner focuses on investing in local technology-based firms at the pre-seed and seed fundraising stages. Dr. Ashraf Rofail, an assistant professor at Johns Hopkins University and author of six publications as well as multiple patents in artificial intelligence, launched the venture capital firm. Since its start in 2016, Openner has invested in a $25 million fund with over 100 firms in the United States, with a total valuation of $9.2 billion USD. Over the next two years, Openner plans to invest in 50 Egyptian businesses. Last year, Openner started an accelerator in Egypt, with the goal of investing in 50 Egyptian entrepreneurs over the next two years.

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In Egypt, the Middle East, and Africa, the Benya Group is a leader in creating and executing integrated solutions and products in the fields of telecommunications infrastructure and digital transformation. The company provides a wide range of digital products, services, and solutions that span the technology value chain, which is critical to developed countries and organizations. This covers information security, large data and information platforms, the design and implementation of integrated technological systems, and proactive technical solutions, among other things. 

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“Benya Group believes in the innovative ideas and efforts provided by young calibres, so the group is interested in investing and supporting them through the implementation of a series of partnerships,” said Eng. Ahmed Mekki, Chairman and CEO of Benya Group. “We are pleased to commence this partnership with Openner launching a fund that supports innovative ideas and helps speed up the implementation of the plans to develop the field of technology and digital transformation in all sectors in Egypt and the Arab and African markets.”

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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 write