Emad Fouad, head of structuring, execution and venture capital for Egypt-based private-sector bank Commercial International Bank (CIB), has joined its newly established corporate venture capital unit, CVentures.
CVentures has hired Fouad as managing director, and will focus on early-stage companies working on next-generation financial services platforms.
The unit will invest in Egypt, the Middle East and Africa, mainly backing series A and B rounds before possibly expanding to seed-stage deals.
Prior to joining CVentures, Fouad had held different private equity roles at CIB across a 12-year period, executing more than 30 transactions totalling over $500m across sectors including leasing, mortgage, asset management, telecommunications, retail and textiles.
Fouad said: “We are very excited about CVentures as it fills a gap in the ecosystem and brings a much-needed focus and institutional support to the early-stage fintech spectrum.
“As an integral part of our operating model, we intend on leveraging CIB’s platform to support and accelerate fast moving, forward thinking entrepreneurs with deep market insights, whilst focusing on fostering key strategic local and cross-border relationships to develop accelerated collaboration models and meaningful partnerships.”
Photo of Emad Fouad courtesy of CVentures.
