Egypt-based Camel Ventures has announced the launch of its first venture capital investment vehicle, Camel Ventures for Investment I (CVI).
The EGP 500 million (around $16 million) fund is focused on financing the country's fintech startup ecosystem, with a range of equity investments and venture debt in local currency for early-stage and later-stage startups, respectively.
CVI is regulated by the Egyptian Financial Regulatory Authority and backed by a diverse group of investors including banks, financial institutions, and family offices from Egypt and the GCC.
The management team, which includes Shehab Marzban, Mona El Sayed, and Mahmoud El-Zohairy, partnered with Al Ahly Capital Holding and dfin Holding to create CVI as the first fintech-focused investor in Egypt.
With 10 investments already made across various sectors in Egypt, including Khazenly, Pharmacy Marts, and klickit, the CVI team plans to continue working closely 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 likely to boost the growth of Egypt's fintech startups and attract more investors to the country's tech scene.