Cairo - Sharikat Mubasher: Foundation Ventures, a Cairo-based venture capital firm, announced the successful first close of its $25 million fund, “FVFII,” designed to drive innovation and support startups from early-stage development to regional and global expansion.

The fund has attracted prominent investors, including the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and Onsi Sawiris, the company announced in a statement today.

A portion of the capital will also be directed toward investing in promising African startups.

Mazen Nadim, Managing Partner at Foundation Ventures, said: “Egypt boasts one of the region’s most talented tech pools and one of the largest economies in the Middle East and Africa. The devalued currency offers startups a rare chance to harness superior tech talent and use Egypt as a cost-efficient testbed. This enables startups to refine their business models locally and emerge as competitive players on the regional and global stages.”

Meanwhile, Yasmine Ghobrial, Chief Investment Officer at EAEF, commented: “We are excited to partner with Foundation Ventures and confident in the exceptional talent and vision of their team. This partnership underscores our commitment to supporting innovative entrepreneurs who are shaping the future of the region and our belief in the significant potential of Egypt’s growing venture capital ecosystem to drive economic growth.”

Foundation Ventures provides its portfolio companies with access to Egypt’s largest enterprise network. This hands-on approach creates a foundation for startups to thrive locally and scale regionally.