Sawari Ventures, an Egypt-based venture capital firm backed by one of the country’s largest conglomerates, has launched with two deals.
Backed by Naguib Sawiris, the entrepreneur behind the Orascom group (pictured), Sawari will invest in early- and growth-stage technology companies in the Middle East.
Naguib Sawiris, executive chairman of Orascom Telecom, said: "Entrepreneurship, innovation and education are critical to the region’s future."
Ahmed El Alfi, founder and chairman of Sawari Ventures after previously running EFG-Hermes Private Equity, said: "The Middle East [and North Africa, MENA] is poised to become the next global center of entrepreneurship."
Sawari’s first two deals are local companies Alzwad Mobile Services, a local mobile phone services group, and Vimov, a developer of iPhone and iPad apps, such as Weather HD.
Hany Al-Sonbaty, managing partner and co-founder of Sawari Ventures after also leaving EFG-Hermes, said: "Vimov and Alzwad are game-changing companies that exemplify the MENA opportunity and demonstrate Sawari’s commitment to building a platform for early and growth stage investing in the Middle East."
Sawari is also supporting the Flat6 entrepreneurship lab at the American University in Cairo, Egypt.