Leading network of business angels in the Middle East Cairo Angels, announces the close of the Cairo Angles syndicate fund (CASF) and will be investing an average of $100, 000 – $250, 000 worth of ticket sizes across the Middle East and Africa, particularly Egypt, Saudi Arabia, the UAE, Nigeria, South Africa and Kenya.
Asides the investment made by the fund, it also creates opportunities for investors to double down on opportunities by negotiating a deal-by-deal investment rights for its LPs.
The fund is ready to release capital and is already in talks with startups that fit its investment thesis, targeting early-stage startups that are sector-agnostic with strong sector experience and technical teams. CEO of CASF, Aly El Shalakany said: “The Syndicate fund is a natural step towards the evolution of the Cairo Angels.”
“This is the new middle as it couples our strong deal sourcing platform with a more rigorous but faster due diligence and capital disbursement capability further down the value chain,” he added.
An institutional investor, who provided their soft commitment to support the fund was the only exception and will be formally joining in Q1, next year. CASF will now focus on reaching $5million funding target and achieving the final close.
Advanced talks with institutional investors that can support the fund in its mission and add value to the regional ecosystem are now being held. Board memeber of CASF, Minoush Abdelmeguid commented on the recent development saying,
“The quality of opportunities coming through the pipeline has exceeded our expectations. Also, with the level of activity by startup seen in the market, and we are greatly optimistic.”
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