ArabFinance: Egypt’s angel investment network Cairo Angels launched a $3 million (EGP 47.07 million) fund to invest in both local and regional tech and tech-enabled startups, Enterprise cited Chairman Aly el Shalakany on November 8th.
Under the name Cairo Syndicate Fund, the new arm will focus mainly on Egypt, Saudi Arabia, and the UAE, according to the news portal.
The fund is expected to make its first investment in January 2021 and fully deploy within 24 months from its first investment, according to El Shalakany.
Cairo Syndicate Fund “should reach this milestone by the end of 2022,” Enterprise quoted the chairman as saying.
Cairo Angels was among other angel networks that took part in leading ElGameya’s 6-div pre-seed investment last August.
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