Camel Ventures Launches $16m Fintech-Focused Fund
The Egypt-based VC firm is focused on financing Egypt’s growing fintech startup ecosystem.
Camel Ventures has launched an EGP500 million (US$16 million) fund focused on the country’s fintech startup ecosystem. Camel Ventures is backed by institutions in the fintech and the financial services arena in Egypt – dfin Holding and Al Ahly Capital Holding.
Camel Ventures’ first investment vehicle for Investment I (CVI) is focused on financing Egypt’s growing fintech startup ecosystem. Regulated by the Egyptian Financial Regulatory Authority, the fund provides equity investments for early-stage startups and venture debt denominated in local currency for later-stage startups.
It is backed by investors, including banks, financial institutions, and family offices based in Egypt and the GCC. The fund has made 10 investments in various sectors, including Khazenly, Pharmacy Marts, and clickit.
The company said: “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.”
“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.”
“The startup’s success relies on the collective strength of all partners and stakeholders. We focus on our deep local knowledge, regulatory and business expertise, and 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.”