The Cairo Angels Syndicate Fund (CASF), a Delaware registered angel fund, announced its first close to invest at startups in Africa and Middle East. Cairo Angels is Africa’s largest network of business angels.
Aly El Shalakany CEO of CASF said, “This fund represents a natural step in evolution of the Cairo Angels.” It combines our existing strong deal sourcing platform, with a more thorough due diligence process and capital deployment capability further down in the value chain. This is the missing middle.
Here’s what you need to know
- CASF will invest in tickets ranging from $100,000 up to $250,000 in the Middle East and Africa with a focus on Egypt, Nigeria, Kenya and the United Arab Emirates.
- The fund invests in the fund but also negotiates additional co-investment rights with its limited partners (LPs). This allows investors to double their possibilities.
- The fund is available to invest and is currently in discussions with a variety of start-ups that fit the fund’s investment thesis. This is to invest in sector-agnostic early-stage scalable startups with strong technical teams and sector experience.
- CASF deliberately focused its fundraising efforts on the first closing of private investors and family offices to make it accessible to all.
- Only one exception was an institutional investor, who made a soft commitment and agreed to help the fund. He will officially join the fund in the first quarter of next year.
- CASF will now be focusing on closing and reaching its financial goal of $5 million. The fund is currently in advanced discussions with institutional investors that can assist the fund in achieving its mission and adding value to the regional environment.
“The quality and speed of the opportunities that are coming through the pipeline has exceeded our expectations. Combine that with the high level of activity in the market for startups, and there is great reason to be optimistic,” stated Minoush Abdelmeguid (Board Member of CASF).