IFC announced a $5m investment in a new venture capital fund from Disruptech Ventures to support development in Egypt’s FinTech sector and help expand access to financial services in the country.
IFC aims to provide seed capital to up to 25 startups with a particular focus on FinTech services. The Disruptech fund raised $25 million from several investors and will be an important financing source for Egyptian tech companies, which often struggle to raise capital to bring their innovations to market.
“Egypt is full of bright, talented founders but too often, they cannot secure the capital they need to expand their businesses. This fund is designed to change that, and support the development of Egypt’s FinTech sector,” said Mohamed Okasha, Managing Partner from Disruptech Ventures.
Along with capital, Disruptech will also provide advice and mentorship to the businesses it supports. Launched 18 months ago, the company has invested 30% of its fund size in financial technology startups to date.
“IFC’s investment in Disruptech will not only nurture innovative start-ups in Egypt but also expand access to financial services, crucial in building financial inclusion and supporting broader economic growth in Egypt,” said Yasmine El-Hini, IFC Egypt Country Officer and Acting Country Manager for Egypt and Libya.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.