18 Jan 2011 01:28 PM
CAIRO - Venture capital firm Sawari Ventures, LLC announced, in a release sent Arab Finance, its launch, as well as initial investments for its first fund, Sawari Ventures I, which focuses on early and growth stage technology companies. The fund is seeded by the partners and sponsored by Mr. Naguib Sawiris.
“The Middle East is poised to become the next global center of entrepreneurship,” said Ahmed El Alfi, Founder and Chairman of Sawari Ventures. “Local entrepreneurs possess world-class talent, but need access to capital, mentorship and expanded networks to realize their full potential.”
Seeded by its partners, Sawari Ventures is proud to announce Mr. Sawiris as its first and primary fund sponsor.
“Entrepreneurship, innovation and education are critical to the region’s future,” said Naguib Sawiris, Executive Chairman of Orascom Telecom (ORTE). “I am confident that my association with Sawari Ventures is a step towards building a dynamic entrepreneurial ecosystem.”
The firm also announced its first two investments: ALZWAD Mobile Services and vimov.
Cairo-based ALZWAD provides a unique, multi-platform infotainment and communications ondevice portal for feature phone users across the Middle East. While, vimov is the developer behind top-selling applications for the iPhone/iPad, including the number-one paid weather iPad app in the world, Weather HD.
Hany Al-Sonbaty, Managing Partner and co-founder of Sawari Ventures, noted, “vimov and ALZWAD are game-changing companies that exemplify the MENA opportunity and demonstrate Sawari’s commitment to building a platform for early and growth stage investing in the Middle East.”
News of Sawiris’ fund sponsorship as well as the ALZWAD and vimov investments comes in the same week as Sawari announced the launch of the Flat6 entrepreneurship lab at the American University in Cairo.
Source: Press Release
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