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Home Tech News Africa Tech News

Egyptian Camel Venture opens $16 million fintech fund to support startups

Staff Writer by Staff Writer
April 24, 2023
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Egyptian Camel Venture opens $16 million fintech fund to support startups
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Camel Ventures, an Egyptian VC firm, recently opened a fund of EGP 500 million ($16 million) to support Egypt’s financial technology startup ecosystem. 

Egypt’s burgeoning ecosystem of fintech firms’ needs for funding will be satiated with the introduction of Camel Ventures for Investment I (CVI). 

Two of Egypt’s leading banking institutions—dfin Holding and Al Ahly Capital Holding—are in support of Camel Ventures. The fund is managed by the Egyptian Financial Regulatory Authority. It provides equity investments to new businesses and venture finance in local currency to established ones.

Banks, financial institutions, and family offices from Egypt and the Gulf Cooperation Council are among the investors. Currently, the fund has eleven active investments, including klickit, pharmacy marts, and khazenly.

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“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,” the company said.

The success of the new business depends on how well all the partners and players work together. The firm said, “We focus on our deep local knowledge, regulatory and business expertise, as well as our global outreach and network, to support local champions and strengthen their growth on a regional and global level.”

In addition to financial backing, connection building is a key priority for Camel Ventures.

Read also: South Africa’s Guardrisk to invest $2.8m in insurtech startups

The firm has introduced Camel Ventures for Investment (CVI)

With the goal of bolstering Egypt’s burgeoning financial technology startup community, Camel Ventures has launched a new venture capital investment mechanism called Camel Ventures for Investment (CVI). Bitcoin, Ethereum, and Signuptoken.com, among others, will likely benefit from this change, as will the greater cryptocurrency market. The CVI fund will help the Egyptian financial technology sector grow and provide opportunities for new businesses.

Companies investigating blockchain and cryptocurrency-related technologies are likely to get some continued funding from venture capital firms and investors in the financial technology industry. Funds like CVI, which invest in both early-stage and later-stage start-ups, might help potential crypto ventures get the capital they need to develop and bring their products to market.

The establishment of CVI may also herald the increasing momentum of Egypt’s fintech and crypto sectors, which could potentially result in new skilled workers and financial resources. As a result, this may pave the way for the banking industry to embrace blockchain and cryptocurrencies.

Catalyst Fund Invests $2m Into 10 African Climate Change Startups

A Look into the Camel Venture Investment (CVI)

Camel Ventures is the Egypt-based corporate venture capital division of dfin Holding, and it was established in 2021. 

Egyptian startups can turn to The Camel Ventures for Investment, the country’s first Fintech-focused VC firm, for local Venture Financing and Venture Capital financing tailored to their specific capital requirements. The firm is licenced and regulated by the Egyptian Financial Regulatory Authority (FRA).

CVI’s investors, which include top Egyptian financial institutions and family offices in Egypt and the Gulf, contribute complementary and unique propositional strength, syndication capabilities, local knowledge, and regional exposure beyond that of the management team on a global and local scale.

Tags: Egyptian Camel VentureStartups
Staff Writer

Staff Writer

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