Egyptian VC Sawari Ventures Invests in Alzwad and Vimov, Announces its Fund
Sawari Ventures a venture capital (VC) firm founded by its chairman Ahmed El Alfi used to be based in LA, CA, USA has moved recently to Egypt in order to invest in Arab tech companies and startups.
Today in a press release Arab Finance got hold of Sawari Ventures has announced that it invested in Vimov Alexandria, Egypt based iPhone and iPad developer. Vimov top sellers is number one top selling iPad weather application Weather HD.
The other startup Sawari Ventures invested in is Cairo, Egypt based ALZWAD Mobile Service which owns ME a mobile portal for the Arab world. AlZWAD is founded by Ziad Aly an executive of Mobinil one of Egypt’s top mobile operators.
Sawari Ventures I is the name of Sawae’s new fund which focuses on early and growth stage technology companies. The fund is seeded by the partners and sponsored by Naguib Sawiris Executive Chairman of Orascom Telecom.
Sawari’s press release did not disclose how much it invested nor the amount of its fund.