Foundation Ventures, a Cairo-based venture capital firm, has successfully closed the first round of its $25 million fund, “FVFII.” The fund’s launch reflects the firm’s commitment to enhancing Egypt’s entrepreneurial landscape by fostering innovation and supporting startups through their early stages to regional and global expansion. Part of the fund will also be allocated to promising African startups.
The fund has garnered significant backing from key investors, including the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and Onsi Sawiris. These investors share Foundation Ventures’ vision of building a robust entrepreneurial ecosystem in Egypt and across the African continent, aiming to create disruptive businesses and elevate local innovation to the global stage.
“Egypt offers one of the region’s most talented tech pools and stands as one of the largest economies in the Middle East and Africa. With a devalued currency, startups can access high-quality tech talent at a fraction of the cost, making Egypt an ideal testbed for refining business models,” said Mazen Nadim, Managing Partner at Foundation Ventures. He further emphasized the opportunity for startups to emerge as competitive players on the regional and global markets.
Nadim also pointed out that the recent market correction has acted as a natural filter, highlighting strong companies that are well-managed and focused on capital efficiency. He believes that the founders who have adapted to market challenges will now prioritize sustainability and operational efficiency in their business-building approach.
In addition to capital investment, Foundation Ventures provides its portfolio companies with access to Egypt’s largest enterprise network, creating the necessary foundation for startups to thrive locally and expand regionally.
Yasmine Ghobrial, Chief Investment Officer at the Egyptian American Enterprise Fund, commented, “We are thrilled to partner with Foundation Ventures and confident in their team’s exceptional talent and vision. This collaboration reflects our commitment to supporting innovative entrepreneurs shaping the future of the region and the potential of Egypt’s growing venture capital ecosystem to drive economic growth.”
