Camel Ventures Announces $16 Million Fund for Fintech Startups in Egypt
Camel Ventures, based in Egypt, has launched Camel Ventures for Investment I (CVI), a venture capital investment vehicle with a capital of EGP 500 million. This fund aims to support Egypt’s rapidly expanding fintech startup ecosystem. CVI, which is regulated by the Egyptian Financial Regulatory Authority, provides equity investments for early-stage startups as well as venture debt in local currency for later-stage startups.
It is supported by investors from Egypt and the Gulf Cooperation Council, including banks, financial institutions, and family offices. The fund has already made investments across multiple industries, including Khazenly, Pharmacy Marts, and klickit.
“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,” the company said.
“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 management team is committed to collaborating closely with startups, regulators, investors, peer VCs, and service providers in order to generate long-term growth and value for its investees and the fintech ecosystem. Camel Ventures is more interested in collaboration than in providing capital.
“The success of the startup relies on the collective strength of all partners and stakeholders. We focus on our deep local knowledge, regulatory and business expertise, as well as our global outreach and network to support local champions while strengthening their growth on a regional and global level,” the firm said.