Foundation Ventures is an early-growth stage venture capital fund, founded in 2018 by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, that backs daring founders building industry-defining companies by giving them access to the largest network of distribution channels across the African region. This firm based in Cairo, has officially closed the first round of its $25 million US dollar fund, “FVFII,” a strategic move aimed at boosting Egypt’s entrepreneurial scene. The fund is designed to support Egyptian startups at various stages, from early-stage development to expansion on both regional and global platforms.
with scaling local startups in Egypt as the primary focus, Foundation Ventures has already built a strong reputation for its involvement with early and growth-stage businesses. The new fund has attracted the backing of influential investors, including the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and renowned businessman Onsi Sawiris. While the fund’s focus is Egypt, it will also allocate a portion of its capital to promising startups across the African continent.
Mazen Nadim, Foundation Ventures Managing Partner.
“The combination of a skilled tech workforce and one of the largest economies in the Middle East and Africa puts Egypt in an advantageous position for innovation,” stated Mazen Nadim, managing partner at Foundation Ventures. “Startups can leverage the country’s tech talent and a devalued currency, making it an affordable testing ground for refining business models before scaling regionally and globally.”
In addition to financial backing, Foundation Ventures aims to provide its portfolio companies with invaluable access to Egypt’s largest enterprise network, an approach designed to foster local success and regional growth. This will not only ensure that startups thrive but also strengthen the Egyptian entrepreneurial landscape.
