Source: Grace Ashiru/Tech in Africa

Camel Ventures, an Egyptian venture capital company, has started a fund with EGP 500 million ($16 million) to help the country’s fintech startup ecosystem. Camel Ventures for Investment I (CVI) was created to fund Egypt’s growing community of financial technology startups. 

Camel Ventures is backed by dfin Holding and Al Ahly Capital Holding, two of the largest banking companies in Egypt.The Egyptian Financial Regulatory Authority is in charge of the fund. It offers venture debt in local money to firms in their later stages and equity investments to startups in their early stages.

Some investors who back it are banks, banking institutions, and family offices based in Egypt and the GCC. The fund has already put money into ten different businesses, such as klickit, drug marts, and khazenly. 

“We believe in camels, not just possible unicorns. Camels are the best examples of the traits we look for and encourage in our startup partners. The company said that camels are the best way to show you are tough, reliable, persistent, and strong.

The success of the new business depends on how well all the partners and players work together. The firm said, “We focus on our deep local knowledge, regulatory and business expertise, as well as our global outreach and network, to support local champions and strengthen their growth on a regional and global level.”

Camel Ventures is also focused on making relationships in addition to giving money. 

Source: Grace Ashiru/Tech in Africa