Startups in Egypt have a new fund to pitch to. Alexandria Angels (more commonly known as Alex Angels), the angel network from Egypt, has launched Alex Angels Fund, a $6.3 million (EGP 100 million) fund to invest in Egyptian startups, according to a statement. The announcement was first made during a virtual investor masterclass held by Alex Angels and few other entities last week.

“The Key to our mission is building an extensive portfolio (and allowing angels and syndicates to achieve the same through co-investing alongside AAF), while acting expeditiously and efficiently recognizing that the best ideas and business opportunities often can’t afford months of negotiations, discussions and tedious fundraising,” noted the statement.

Here Is All You Need To Know

• Although the VC did not disclose further details about the fundraising status of the new Fund, it however said that the newly formed fund will start investing by the end of third quarter this year.
• Tarek El Kady and Loay Shawarby, who have been leading Alex Angels, are the general partners of Alex Angels Funds. Walid Bakr, a private equity veteran, is also joining Tarek and Loay as the third GP of the fund.
• Walid, who is a Kauffman Fellow, previously worked as managing director of Abraaj Group and founded Ripples Impact, a boutique investment and advisory firm in 2017.

“We’re thrilled to have Walid join us as a GP in the Alex Angels Fund that aims to drive seed capital in fueling disruptive potential of Egyptian startups,” Tarek El Kady who also leads different other ecosystem initiatives in Egypt including Techne Summit, commented on Walid’s appointment, said.

Read also: Finding Customers In The Time Of Coronavirus: What Startups In Africa Can Do To Survive

What Startups The Fund Is Looking To Invest In 

• According to the statement, the fund will back and support entrepreneurs with a grand vision and disruptive or unique ideas of global potential.
• It also aims to support the wider angel community through being a co-investment partner that can efficiently vet the best deals, co-invest/lead, execute timely and capitalize on extensive networks to support the best companies.
• There are no details in the statement but the fund, just like Alex Angles (the angel network) will apparently be sector agnostic.
• Startups in Egypt interested in accessing the fund may do so by clicking here.

“I’m super excited and committed to seeing the catalyzing vision of the Alex Angels Fund put to the perusal of the wider communities of angel investors and high growth startups from Alexandria and Egypt, while turning in glorious returns and having fun with professional and pleasant personalities and old friends as Tarek and Walid and the entire team,” Loay Shawarby said. 

“I’m very excited to be joining forces with this partnership. We’re adopting a new approach that we hope will not only generate attractive returns to the fund but also develop the ecosystem at large. I hope to leverage my network and experience to advance this mission,” added Walid Bakr. 

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.