The skillsets and capabilities of a young and well-educated workforce, highly supportive government policies, and funding opportunities provided by private investors to spur innovations within the African continent are some of the factors that have contributed to the rise in life science startups in Africa.
As a result, the Cairo Angels Syndicate Fund (CASF), a micro venture capital fund that invests in initial stage firms in the Middle East and Africa, recently revealed its second investment, this time in a unique round for CASF, in the Life Sciences and Biotechnology company Nawah Scientific.
Nawah Scientific is a key center of outstanding research tools specializing in natural and medical sciences that delivers its services online and on-demand.
It was founded by Dr. Omar Sakr. Nawah has evaluated over 200K specimens from 12 countries in its 6 years of operation.
Nawah Scientific’s business strategy, as one of Egypt’s premier pharmaceutical formulation and analysis centers, is transforming the scientific research ecosystem, enabling researchers to do world-class research despite the technology available in their laboratories.
The firm had the privilege of having individual angel investors from the Cairo Angel Network as early investors, according to Dr. Omar Sakr, Founder and CEO of Nawah.
They stepped in when Nawah most needed them, providing finance, networking, assistance, and, most significantly, faith in what it was developing.
Now, Cairo Angels are bringing their Syndicate Fund to the table to build on the startup’s success, and he’s quite optimistic about what’s to come.
This round of funding is aimed at assisting the startup in continuing to develop and onboarding new projects.
In view of this latest dedicated investment, CEO of the Cairo Angels Syndicate Fund Aly El Shalakany asserted that Dr. Omar is a fine embodiment of what he calls “brain regain”; an amazingly skilled and ambitious founder who, being honest, they would have ended up losing him in past years to North America or Europe if it weren’t for latest changes that have provided an opportunity for entrepreneurs to prosper.
It’s no secret that the African continent has enormous untapped potential in the field of life science.
In recent years, there has been increasing interest in Africa’s life sciences sector, as the continent has shown to be a desirable space for life science investments.
Historically, the life sciences industry has been a promising sector for Africa. With the proliferation of digital companies over the last decade, many in the sector have begun to feel that technology may become a major engine of African economic development.
The tale of African life science companies, however, is far from straightforward. Data and information gaps have caused uncertainty about the performance of these companies in crucial areas, particularly when compared to those in other parts of the world.
Africa appeals to investors, particularly in the medical and biotech industries, which have experienced some of the highest influxes of venture capital on the continent to date.
Because it has one of the world’s youngest population demographics, the continent is seen as a promising field for numerous businesses.
This grant to Nawah is merely a stepping stone toward Africa’s life science development.
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