April 2021 EntreScene Wrap-up
Here are five major headlines that took place this last month in the MENA entrepreneurial scene that you should know about.
1. Egypt-based VC, Sawari Ventures, closes $69 million fund.
The Cairo-based international venture capital firm, Sawari Ventures, reported on the 5th of April closing a $69 million fund. The fund will exclusively invest in Egyptian startups.
2. GIZ Egypt, Changelabs, MSMEDA, and Endure Capital announce the launch of VC University Programme.
Just this last Wednesday, GIZ Egypt announced their partnership with Changelabs, MSMEDA, and Endure Capital to launch a program aimed at supporting emerging Venture Capital fund managers in Egypt. The partners will be working closely with potential fund managers to enhance their knowledge.
3. Swvl Co-founder launches fintech startup targeting Gen Z in Egypt.
After leaving Swvl, Ahmed Sabbah, co-founder and former CTO launched a new fintech startup in the second week of April. The newly launched, Telda, allows its users to sign up for a digital account that comes with a free of cost Mastercard-powered card with the aim of transforming how Gen Z in the Middle East spends their money.
4. Cairo Angels announces investment in Cairo-based fintech startup.
The angel investment network, Cairo Angels invested an undisclosed amount in Kashat, a Cairo-based fintech startup that launched in 2020. Kashat is a lending mobile application that allows its users to borrow short-term loans starting from EGP 200 to EGP 1500 with a repayment plan of up to 61 days.
5. Venture capital fund, Nama Ventures, launches $27 million fund to invest in MENA region tech startups.
Nama Venture, a Saudi-Arabia-focused pre-seed/seed-stage venture capital fund, announced the launch of a $27 million fund to support start-ups in the Middle East and North Africa.