Cairo Angels, one of the leading and oldest angel networks of the region that has been actively investing in Egyptian startups, has launched a micro VC fund, it announced today in a statement to MENAbytes, saying that the fund will invest in early-stage startups in the Middle East & Africa.
Zeina Mandour, the General Manager of Cairo Angels, speaking to MENAbytes said that they already have a few commitments and expect to close the fund in the first quarter of 2021. She said that they’re aiming to raise between $1.2 million to $3 million for the fund and will start deploying the capital immediately after hitting the close.
The angel networks normally source deals and share them with their members to have them invest in these opportunities. Unlike VCs, they don’t have funds that they can invest in startups directly (with the approval of their investment committee). So they’re basically raising money for every opportunity.
Cairo Angels will continue to operate its angel network as it is, investing in pre-seed and seed-stage opportunities in Egypt. But in addition to that, the new fund will invest in seed and Pre-Series A opportunities across the Middle East & Africa with a focus on Egypt & Saudi. Given the size of the fund, it wouldn’t be the largest cheque in these deals but will apparently help startups close their rounds with the help of its network.
Cairo Angels will not be charging a management fee and will only be incentivized through a carry on successful exits.
South Africa Today
Read more at VolaNews
