With the help of the Wadi Degla Group, the Egyptian investment firm Glint has raised $3 million during the first close of its second venture fund, which will support startups and entrepreneurs in Egypt and encourage innovation and growth.
The company claims its mission is to provide innovative Egyptians with the tools they need to launch tech-based businesses with the potential to disrupt existing industries and break into new ones at home and abroad. Ticket prices will range from $250,000 to $500,000, and the firm intends to invest between the Seed and Series A stages.
Read also: Egyptian startup, Swypex unveils financial services platform for businesses
How Glint is helping Egyptian businesses
Managing Partner Tarek Aboualam of Glint described the company’s Venture Studio model as an ecosystem that helps startups break into the regional market by providing capital and a wealth of operational, technical, and business resources.
The fund has made substantial investments in artificial intelligence (AI), financial technology (fintech), and other innovative fields, according to Youssef Helmy, the firm’s general partner.
Increased venture capital investment and policies about startups in Egypt have resulted in one of the most robust startup ecosystems in North Africa, placing it among the top 100 worldwide. The existence of tech incubators and global accelerators has dramatically influenced the expansion of the tech industry.
Other venture funds for Egyptians
Startups in the country can get money from several sources, including venture capital firms and government-backed programmes. For example, Egypt Ventures is a government-backed programme that helps tech startups contribute to an innovative ecosystem.
Read also: Madica backs three promising startups with $200,000 each
Egypt Ventures is a multi-stage investment vehicle that wants to significantly affect the Egyptian economy and the people who live there. It plans to do this by supporting Egyptian entrepreneurs, building a knowledge economy for the future, and creating jobs while reducing environmental damage and bridging the pay gap between men and women.
You could also use the newest fintech fund, backed by Egypt’s biggest banks. They build on the work of their “Partner Banks” and use their power and the best talent, skills, and resources to create functional, long-lasting, and scalable Fintech innovations that address significant problems and ensure everyone has access to money. Because every startup needs the right partners to help it grow, the Nclude team and their ecosystem give the founders much experience.
Global Ventures, which will put more funds into the tech industry in the country, is interested in founders of emerging markets.