Sawari Ventures plans to allocate $10 million of its $70 million fund to Morocan and Tunisian startups as part of its strategy to develop a physical presence in North Africa. The Egyptian venture capital firm announced the closing of the fund in April 2021.
The VC made an investment in Tunisia (Flat6Labs Tunis) and is currently examining 2-3 more investment opportunities.
WAYA asked Sawari Ventures why they have chosen to invest in Tunisia and Morocco, to which they replied: “It has been a part of our investment strategy from day zero really, the main reason behind it is identical to why we chose Egypt as well… Talent to Capital balance. In addition to other macro/market factors we took into consideration, all 3 countries have more talent than capital available to fund them, even today with all the new funds that entered and are still entering the market, the number and quality of startups are growing faster than the additional funds in all 3 countries.”
The Middle East has a collective population larger than the US, the vast majority of whom are ‘digital natives‘ (e.g.; under 30) with great appetites for consumer technology products and services.
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