Camel Ventures has launched a $16 million fund that is solely focused on the Egypt’s fintech ecosystem.
The firm is backed by companies in the fintech and also the financial services space in Egypt – Al Ahly Capital Holding and dfin Holding.
Its first investment project, Camel Ventures for Investment, focuses on financing Egypt’s fintech startup ecosystem. The fund will provide equity investments for new-stage startups, and also venture debt denominated in local currency for later-stage startups.
The fund is backed by investors including financial institutions, banks, and family offices based in Egypt and the GCC. It has already made 10 investments in various industries, including in Pharmacy Marts, Khazenly, and klickit.
“We believe in Camels – not only potential Unicorns – the embodiment of the characteristics we look for, and nurture, in our partners – the startups. Camels are the most powerful symbol of endurance, reliability, persistence, and strength,
They represent incredible patience and steadiness, but are also fast movers, and more importantly can maintain speed for long hauls. Their home is Africa and Asia, our target expansion markets, and the cradles of future innovation and progress.”
The company said
Camel Ventures prefers partnerships as opposed to solely being a capital provider.
“The success of the startup relies on the collective strength of all partners and stakeholders. We focus on our deep local knowledge, regulatory and business expertise, as well as, our global outreach and network to support local champions while strengthening their growth on a regional and global level,
Our diverse investment instruments are designed to provide our partners with the most appropriate alternative financing source to meet their specific stage requirements and to reduce exposure to unnecessary risks or excessive dilution.”
The company said
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