Cairo-based VC firm Foundation Ventures has announced the successful first close of its US$25 million fund, “FVFII”, which it said underscores its mission to strengthen Egypt’s entrepreneurial landscape by driving innovation and supporting startups from early-stage development to regional and global expansion.
Foundation Ventures is focused on investing in and scaling Egyptian startups, and has a track record of supporting early-stage and growth-stage companies.
Its new fund has attracted prominent investors, including the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and Onsi Sawiris. It will be focused on Egypt, though a portion of the capital will also be directed toward investing in promising African startups.
“Egypt boasts one of the region’s most talented tech pools and one of the largest economies in the Middle East and Africa. The devalued currency offers startups a rare chance to harness superior tech talent and use Egypt as a cost-efficient testbed,” said Mazen Nadim, managing partner at Foundation Ventures. “This enables startups to refine their business models locally and emerge as competitive players on the regional and global stages.”
Beyond capital investment, Foundation Ventures provides its portfolio companies with access to Egypt’s largest enterprise network. This hands-on approach creates a foundation for startups to thrive locally and scale regionally.
“We are excited to partner with Foundation Ventures and confident in the exceptional talent and vision of their team. This partnership underscores our commitment to supporting innovative entrepreneurs who are shaping the future of the region and our belief in the significant potential of Egypt’s growing venture capital ecosystem to drive economic growth,” said Yasmine Ghobrial, chief investment officer at the Egyptian-American Enterprise Fund.
