Foundation Ventures, a Cairo-based VC firm, has launched a new $25 million fund, FVFII, to support startups in Egypt, with additional allocation for Africa. The fund aims to fuel innovation and help companies scale from ideation to regional and global expansion.
The fund has attracted prominent investors, including the Egyptian-American Enterprise Fund (EAEF), MSMEDA (Micro, Small, and Medium Enterprise Development Agency), and Egyptian businessman Onsi Sawiris. Notably, MSMEDA has committed $3 million to the fund. As previously reported by WAYA, this investment aligns with MSMEDA’s broader strategy to support high-growth startups and boost Egypt’s entrepreneurial landscape. Thus, reinforcing confidence in Foundation Ventures’ ability to nurture the next generation of market leaders.
Betting on Egypt’s Talent and Market Dynamics
Egypt’s startup ecosystem is gaining momentum, fueled by a wealth of tech talent and a growing economy. Mazen Nadim, Managing Partner at Foundation Ventures, highlighted the country’s unique advantages:
“Egypt is home to exceptional tech talent and one of the largest economies in the Middle East and Africa. The devaluation of the local currency also presents a rare opportunity for startups to leverage top-tier talent and use Egypt as a cost-effective testing ground for innovation.”
Nadim also pointed to the resilience of Egypt’s startup landscape, stating that recent market corrections have separated strong, well-managed companies from weaker ones.
“This new generation of founders, shaped by economic challenges, is prioritizing capital efficiency and adaptability. Their focus on sustainability and operational excellence will define the next wave of successful startups.”
More Than Just Capital
Beyond funding, Foundation Ventures provides startups with access to Egypt’s largest corporate networks, offering them a launchpad to scale locally before expanding regionally. The firm aims to connect founders with strategic business partners, enabling them to test and refine their models in a real market environment.
Yasmin Gabriel, Investment Director at EAEF, emphasized the significance of backing Foundation Ventures, saying:
“We are excited to collaborate with Foundation Ventures and have great confidence in their talented leadership team. This partnership reinforces our commitment to supporting visionary entrepreneurs who are shaping the future of the region.”
With its new fund, Foundation Ventures is doubling down on its mission to strengthen Egypt’s venture capital ecosystem, empower local founders, and drive long-term economic growth.
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