Nuwa Capital, a venture capital firm based in Dubai and Riyadh, announced the first close of its $100 million NVFI fund in February. And despite having a strong focus on the Middle East and the GCC, the firm wants to double down on investing in more African startups, particularly in Egypt and East Africa. Sarah: We have a network in East Africa because, in our previous fund, we did invest in two companies in Kenya. That may not be exactly mirrored yet in East Africa if I might say. Sarah: When companies come out of Egypt, their expansion strategy is usually either to the rest of North Africa or East Africa.

Source: The North Africa Journal May 28, 2021 07:52 UTC