Egypt’s VC DisrupTech Ventures announced it had received a US$5 million investment from Proparco, a subsidiary of the French Development Agency.
The investment will back DisrupTech Ventures in managing an early-stage venture capital fund, that will support Egypt’s fintech sector and help expand access to financial services in the country.
The fund has raised $36 million from several investors, including Development Finance Institutions, Funds-of-funds and family offices.
“Egypt is full of bright, talented founders but too often, they cannot secure the capital they need to expand their businesses, we are always excited about supporting entrepreneurs, increasing access to financial services and contributing to Egypt’s growth,” said Mohamed Okasha, Managing Partner from DisrupTech Ventures.
Proparco’s investment in DisrupTech is part of its Venture Capital programme, through which it has invested over €120m in African early-stage companies and venture capital funds since 2020.
“DisrupTech is bringing much-needed support to young companies in the region. This is in line with Proparco’s strategy to maximise impacts and to finance innovation, by fostering the emergence of a dynamic venture capital industry to back African entrepreneurs” said Françoise Lombard, Chief Executive Officer at Proparco.
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