Foundation Ventures Announces First Close of $25M Fund
Egypt-based VC Foundation Ventures has successfully closed the first round of its new $25 million fund, FVFII, aimed at supporting early and growth-stage startups. The fund is backed by major investors, including the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and Onsi Sawiris.
Key Investors Backing the Foundation Ventures fund in Egypt
The fund has secured investments from:
- Egyptian American Enterprise Fund (EAEF)
- Micro, Small, and Medium Enterprise Development Agency (MSMEDA)
- Onsi Sawiris
This backing underscores a shared commitment to fostering innovation, scaling regional startups, and building globally competitive businesses.
Egypt as a Startup Hub
Since its launch in 2018, Foundation Ventures has played a key role in nurturing Egypt’s entrepreneurial ecosystem, helping startups scale both regionally and globally. According to Mazen Nadim, Managing Partner at the company, Egypt presents a unique opportunity for startups due to:
- A large tech talent pool
- A cost-efficient testing ground due to currency devaluation
- A resilient market landscape, with startups focusing on capital efficiency and sustainability
Beyond Capital – Enterprise Network Access
Foundation Ventures goes beyond just funding—offering portfolio companies access to Egypt’s largest enterprise network to help them scale efficiently. It is essential for a budding company to have access to a community of corporations and networks.
Egypt’s evolving startup scene has shown resilience despite economic fluctuations. Nadim emphasized that founders focusing on sustainability and capital efficiency will lead the next wave of innovation.
Investor Confidence & Market Potential
Yasmine Ghobrial, Chief Investment Officer at EAEF, stated:
“We believe in Egypt’s thriving venture capital ecosystem and its potential to drive economic growth. This partnership with FV reflects our confidence in the region’s innovative entrepreneurs.”
As Egypt’s startup ecosystem matures, Foundation Ventures’ FVFII will play a crucial role in nurturing sustainable businesses, scaling local startups globally, and accelerating regional tech innovation.
