The Egypt-based VC firm Camel Ventures has launched an EGP500 million (US$16 million) fund that is focused on the country’s fintech startup ecosystem.
Camel Ventures is backed by institutions in the fintech space and the financial services arena in Egypt – dfin Holding and Al Ahly Capital Holding.
Its first investment vehicle, Camel Ventures for Investment I (CVI), is focused on financing Egypt’s growing fintech startup ecosystem. Regulated by the Egyptian Financial Regulatory Authority, the fund provides both equity investments for early-stage startups, as well as venture debt denominated in local currency for later-stage startups.
It is backed by investors that include banks, financial institutions, and family offices based in Egypt and the GCC. The fund has already made 10 investments in various sectors, including in Khazenly, Pharmacy Marts, 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,” the company said.
“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.”
Camel Ventures is focused on partnership rather than 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,” the firm said.
“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.”
