The News:
- Glint, an Egypt-based investment firm, raised $3 million in the first close of its second venture fund with the Wadi Degla Group's support to empower Egyptian entrepreneurs and startups while fostering innovation and growth.
- According to the firm, it aims to empower innovative entrepreneurs to create disruptive, tech-based Egyptian businesses that can expand into regional and international markets.
- The firm plans to invest between the Seed and Series A stages, with tickets ranging from $250,000 to $500,000.
Glint was founded in 2018 by Tarek Aboualam and Youssef Helmy, who have previously supported several Egyptian startups such as Darwinz.ai, Iqraaly, Wasla, Kashier, and Filkhedma.
Tarek Aboualam, Managing Partner at Glint, explained that the firm's Venture Studio model provides startups with an ecosystem that combines funding with extensive business, operational, and technical resources, and support to enter the regional market.
Furthermore, Youssef Helmy, General Partner at the firm, stated, "The fund focuses on digital and disruptive industries, with significant inroads into AI, fintech, and other cutting-edge technologies."
Egypt's startup ecosystem is one of the strongest in North Africa, ranking among the top 100 globally, thanks to increased VC funding and startup-related policies in recent years. The presence of tech incubators and global accelerators has significantly impacted the growth of the technology sector.
Various venture capital firms and government-backed initiatives provide funding to startups in the country, such as Egypt Ventures, which is backed by the government and aims to help technology-based startups contribute to an innovative ecosystem.
There is also Nclude, the latest fintech fund supported by Egypt's largest banks, and Global Ventures, which will provide additional investment in the country's technology sector.
https://techpoint.africa/2024/03/27/telecom-egypt-partners-indias-tejas/
According to the country's FinTech Landscape Report 2023, fintech and fintech-enabled startups, as well as payment service providers (PSPs), received a total of $796.5 million in funding. Private equity investments amounted to $437.7 million, while venture capital investments totaled $358.8 million.
