Cairo Angels’ micro-VC fund nears final close + a new fund in the works

Angel investment group Cairo Angels will reach a third and final close of USD 5 mn on its micro-VC fund this quarter, CEO Aly El Shalakany told Enterprise, confirming news first published by Amwal El Ghad. The fund reached its second close earlier this year, after closing its first round in late 2021, El Shalakany said, without mentioning the size of either round.

About the fund: The Cairo Angels Syndicate Fund (CASF) was launched last year with the aim of investing USD 100-250k in 20 startups in the Middle East and Africa over two and a half years, with a focus on Egypt, the UAE, KSA, Nigeria, Kenya and South Africa.

CASF has so far deployed eight of those 20 investments: The fund has invested in scientific research startup Nawah Scientific, edtech startup Orcas, Kenyan fintech startup FlexPay, fintech startup Finclusion Group, and Nigerian BNPL fintech startup CredPal. The remaining three investments are yet to be announced, El Shalakany told Enterprise.

More investments earmarked for 2022: The fund will invest in three more startups before the end of the year — a local fintech firm, an Egyptian agritech company, and a third startup that has yet to be chosen, El Shalakany said, without disclosing any further details.

Another fund already in the works: Cairo Angels is looking to launch its second, larger fund before the end of the year, El Shalakany said, without specifying figures. It will have a very similar strategy to CASF, with a focus on early-stage startups across Egypt, Africa and the Middle East, he added.