Tech in Africa
The Cairo Angels Network announces the first close of its micro-venture syndicated fund. The Cairo Angel Syndicate Fund (CASF) will invest in early-stage startups whose ticket sizes range from $100,000 – $250,000 across the Middle East and North Africa region.
As Egypt’s first formal network of angel investors, the Cairo Angels syndicated fund also backs pre-Series A startups. Apart from the regular direct fund investments, the fund further negotiates additional co-investment rights for its LP on a deal-by-deal basis while allowing the fund investors to double down on opportunities.
The CEO of CASF Aly El Shalakany said that the fund is ready to deploy capital and negotiations with several start-ups with strong sectoral experience and technical teams are ongoing. CASF Board Member Minoush Abdelmeguid commented that “the pace and quality of opportunities coming through the pipeline, has far exceeded our expectations.” He attributed this to a strong deal sourcing platform. CASF focussed its fundraising for the first close on individual investors and family offices but has also received a commitment from an institutional investor who will formally join in Q1 of next year.
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