Egypt-based VC Sequence Ventures is planning to invest $8 million (EGP150 million) in 10 tech companies this year via its Egypt Deep-Tech fund.
The fund is currently in talks with 22 startups to deploy EGP12-17 million in 10 transactions starting as early as May.
According to Sequence Ventures Executive Chairman Karim Helal while speaking with Enterprise, Deep-Tech plans to reach its first close of $8 million by the end of April, with two more closes ahead, ranging from $8-11 million each, to reach its $27 million final closing target.
Launched in October 2021, the Egypt Deep-Tech Fund is focused on acquiring companies operating in a range of tech sectors, including healthtech, fintech, edtech, proptech, logistics, and DevOps.
The fund made its first investment last year, committing an undisclosed amount of seed capital to AIM Technologies, an AI-driven customer experience platform.
