Egypt-based financial services firm Commercial Investment Bank (CIB) has launched a corporate venturing unit called CVentures to help drive emerging technologies in the fintech sector.
The fund will primarily participate in series A and series B rounds but will also consider taking equity in seed-stage companies. It will focus on fintech businesses in markets including Egypt, the Middle East and Africa.
CIB expects CVentures to offer the nimbleness of an independent investor combined with access to the corporate’s business channels.
The move is intended to further CIB’s efforts in fostering Egypt’s financial services industry, which the firm regards as having untapped potential.
Ashraf Shash, head of the direct investment group at CIB and vice-chairman of CVentures, said: “CIB’s establishment of CVentures is in line with international common practice amongst major banks, where the adoption of win-win collaboration models with startup communities has ultimately served customers better.”