Camel Ventures, based in Egypt, has announced the launch of its first venture capital investment vehicle, Camel Ventures for Investment I. (CVI).
The EGP 500 million (approximately $16 million) fund is aimed at funding Egypt's fintech startup ecosystem, with a mix of equity and venture debt investments in local currency for early-stage and later-stage startups, respectively.
CVI is governed by the Egyptian Financial Regulatory Authority and supported by diverse group of investors. The management team involves; Shehab Marzban, Mona El Sayed, and Mahmoud El-Zohairy in collaboration with Al Ahly Capital Holding and dfin Holding to create CVI as the first fintech-focused investor in Egypt.
With ten investments already made in Egypt across various sectors, including Khazenly, Pharmacy Marts, and klickit, the CVI team intends to continue collaborating with regulators, investors, peer VCs, and service providers to drive sustainable growth and value for its investees and the fintech ecosystem as a whole.
This move is expected to accelerate the growth of Egypt's fintech startups and attract more investors to the country's fintech scene.
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