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

by THEFUTURE.TEAM

February 3, 2025

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.

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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.

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Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

July 24, 2026

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

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Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

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