Foundation Ventures Secures USD 25 M For New Fund To Back Egyptian & African Startups

Cairo-based venture capital firm Foundation Ventures has secured the first close of its USD 25 M fund, FVFII, backed by the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and investor Onsi Sawiris. The fund aims to support early-stage and growth-stage startups in Egypt while also investing in promising African ventures.

Founded in 2018 by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, Foundation Ventures focuses on scaling innovative startups and driving regional and global expansion. Managing Partner Mazen Nadim highlighted Egypt’s unique advantages, including its strong tech talent pool and cost-efficient market conditions due to currency devaluation, making it an attractive hub for startups to refine business models before scaling. He also emphasised how the recent market correction has strengthened well-managed startups that prioritize sustainability and operational efficiency.

Beyond funding, Foundation Ventures provides its portfolio companies with access to Egypt’s largest enterprise network, offering strategic support to help startups scale. The firm’s investors share a vision of fostering a resilient entrepreneurial ecosystem that positions Egyptian and African startups on the global stage.

With this new fund, Foundation Ventures reinforces its commitment to backing founders who are shaping the region’s future, leveraging Egypt’s evolving market landscape to build globally competitive businesses.