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Cairo-Based Foundation Ventures Secures $25M To Back Egypt’s Startups

by THEFUTURE.TEAM

Cairo-based venture capital firm Foundation Ventures has successfully raised $25 million for its second fund, FVFII, aimed at supporting early and growth-stage startups in Egypt.

Key Highlights

The new fund has attracted key investors such as the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and businessman Onsi Sawiris.

FVFII targets early- and growth-stage Egyptian startups with plans for regional and global expansion. While the primary focus is on Egypt, the fund will also allocate capital to high-potential startups across Africa. It plans to invest in ventures with initial ticket sizes ranging from $750,000 to $1 million.

The fund’s strategy is theme-driven, rather than sector-specific, ensuring flexibility in investment decisions while maintaining a primary focus on the Egyptian market and secondary opportunities in Africa.

Foundation Ventures’ Growth

Foundation Ventures launched its first fund, FVF1 Vintage, in 2019. The firm is led by Mazen Nadim, managing partner, with partners Omar Barakat and Ziyad Hamdy. The company also has a strategic partnership with HOF, a US-based VC firm managing over $1.5 billion in assets under management, serving as a General Partner.

The firm’s portfolio includes promising startups such as Rabbit, Flextock, Swypex, Aydi, Trella, and Abwaab.

Opportunities In Egypt’s Startup Landscape

Nadim noted that Egypt’s devalued currency offers a unique opportunity for startups to leverage the country’s skilled tech talent while positioning Egypt as a cost-efficient testing ground for new ventures.

In 2024, Egypt attracted $334 million across 84 deals, with the fintech sector leading with $237 million invested across 17 fintech startups, according to Wamda and Digital Digest. The logistics sector secured $23.5 million, while e-commerce raised $22.5 million.

Most of the capital came from local investors, with Saudi investors following closely behind. Notable recent investments include a $13 million funding round for Simplex, a CNC machine manufacturing startup, and $22 million raised by Paymob in a Series B extension round, bringing its total Series B funding to $72 million.

Cyprus President To Receive New Armored Limousine Worth €595,000 As Government Bypasses Tender Process

by THEFUTURE.TEAM

Cyprus is preparing to spend €595,000 on a new armored limousine for President Nikos Christodoulides, with the Finance Ministry seeking parliamentary approval for the funds.

The Council of Ministers approved the purchase on July 16. Instead of launching a public tender, the government negotiated directly with a Cyprus-based car dealership, with the request now before Parliament’s Finance Committee.

Cabinet Approves Purchase As Security Details Remain Confidential

The Finance Ministry has asked lawmakers to authorize the release of funds for the Presidency of the Republic. It declined to disclose the vehicle’s technical specifications, citing confidential security requirements, including details of its armor protection.

The Finance Committee is due to examine the request on Monday.

Cyprus Has Previously Bought Armored Presidential Cars Directly

Cyprus has used direct arrangements with specific companies for previous presidential armored vehicles. Christodoulides currently uses an armored limousine purchased during the presidency of Nicos Anastasiades in 2019 for €258,850 plus VAT.

That vehicle replaced the armored car used by former President Demetris Christofias, which was purchased in 2010 for €291,000 plus VAT. Parliamentary records show maintenance costs for Christofias’ vehicle later reached €138,654.

Armored Vehicles Also Used For EU Presidency Events

Cyprus has also leased armored vehicles for major diplomatic events. During its Presidency of the Council of the European Union, the government rented 12 armored limousines for visiting heads of state attending an informal EU leaders’ summit.

The vehicles were transported from Germany and leased for 10 days at a total cost of €140,000. Cyprus said it intended to seek reimbursement from the European Union.

State Spending On Electric And Hybrid Vehicles

Two years ago, the state purchased 35 electric and hybrid vehicles for public officials at a total cost of €1.65 million. The fleet included 25 electric saloon cars, five electric all-terrain vehicles and five plug-in hybrid vehicles.

The proposed presidential limousine would cost €595,000, more than twice the purchase price of the armored vehicle acquired in 2019.

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