Cairo-based venture capital firm Foundation Ventures has announced the first close of its $25 million fund, FVFII, aimed at bolstering Egypt’s startup ecosystem and supporting promising ventures across Africa. The fund has attracted significant investors, including the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and entrepreneur Onsi Sawiris.
Foundation Ventures, established in 2018 by managing partners Mazen Nadim, Omar Barakat, and Ziyad Hamdy, focuses on investing in early and growth-stage startups. The new fund aims to nurture these companies from inception through regional and global expansion. While primarily concentrating on Egypt, a portion of the capital is allocated to high-potential startups across the African continent.
“Egypt boasts one of the region’s most talented tech pools and one of the largest economies in the Middle East and Africa,” noted Mazen Nadim. “The devalued currency offers startups a rare chance to harness superior tech talent and use Egypt as a cost-efficient testbed.” This environment enables startups to refine their business models locally before emerging as competitive players on regional and global stages.
Beyond financial investment, Foundation Ventures provides its portfolio companies with access to Egypt’s extensive enterprise network, adopting a hands-on approach to foster local success and regional scalability. Yasmine Ghobrial, Chief Investment Officer at EAEF, expressed confidence in the partnership, stating, “We are excited to partner with Foundation Ventures and confident in the exceptional talent and vision of their team.” She emphasized the significant potential of Egypt’s growing venture capital ecosystem to drive economic growth.
This development highlights a robust commitment to empowering entrepreneurs and stimulating innovation within Egypt and the broader African region.
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