An Egypt-based specialist investor, Endure Capital has touched first close on its Africa focused early-stage focused vehicle.
The investor has brought in an undisclosed amount for the first close of Endure 21, which is targeting $50 million at final close.
LPs in the fund include British International Investment (BII), which has commited an undisclosed amount to the fund in 2022.
Egypt-based financial services company, Micro, Small, and Medium Enterprise Development Agency (MSMEDA) is also an LP in Endure 21.
“Endure is committed to adding value to the region’s flourishing startup founders, and ecosystem, and we love to partner with founders that relentlessly pursue entrepreneurship as a means for value creation to society and who are building lasting businesses,” Said Tarek Fahim, founder and managing partner at Endure.
Mohamed Noweir is partner at Endure is leading the investment team on the Endure 21 fund.
Abhinav Sinha, managing director and head of technology and telecoms at BII represented the investor.
Hany Emad, director and head of the central sector for financing small projects represented MSMEDA.
Deals from Endure 21 include co-leading series-A funding round into Brimore, an Egypt-based business services technology company – delivered earlier in 2022.
Endure Capital also led a $19 million seed investment into Pylon, Egypt-based technology company that provides an online utility management platform – structuring the deal through Endure 21.