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Tuesday, September 28, 2021

Foundation Ventures launches debut Egypt-focused fund with 4 investments

Foundation Ventures, a regional venture capital firm founded at the start of 2019, has announced the close of its first Egypt-focused fund, with four investments made so far.

Managed by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, in partnership with HOF Capital, a US based VC firm, and BPE Partners, Foundation Ventures backs best-in-class founders building high-impact new technology companies. 

Aside from providing capital, the firm works closely with the founders to help them grow their businesses. Its first fund is focused on early-stage investments ranging from pre-seed to Series A, with the fund backed by some of the largest family offices and business leaders from Egypt and the MENA region. 

The announcement of the fund comes with Foundation Ventures also revealing it has invested in four Egyptian startups, three of whom it names. Its portfolio includes B2B marketplace Capiter, employee wellness platform NowPay, and Minly, which helps connect celebrities with their fans. The fourth, unnamed, startup is in the logistics space.

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