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8 investors establish Menagurus for EGP 100m to invest in emerging companies - Daily News Egypt

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8 investors establish Menagurus for EGP 100m to invest in emerging companies

We plan to invest EGP 15m in 5 technological companies in Q2 of 2016: Abdel Ghaffar 

Menagurus, the newly-formed venture capital firm, will announce the main features of its investment plans in the second quarter (Q2) of 2016, Managing Director Hisham Abdel-Ghaffar said.

Abdel Ghaffar announced in January the inauguration of the group after a few months of preparations in 2015. Menagurus’ capital is EGP 100m and the group is currently looking into the activities of 18 emerging companies for possible financing.

The companies are have been working with different incubators, such as the Technology Innovation and Entrepreneurship Centre of the Information Technology Industry Development Agency (ITIDA) and the Greek Campus. Some of the companies operate in the telecommunications sector, while others aim to provide solutions for traffic problems.

Abdel-Ghaffar told Daily News Egypt the investment group includes eight investors, three from Egypt, and five from Saudi Arabia. The group will provide funding for emerging companies, ranging between EGP 250,000 and EGP 3m for each company.

Menagurus plans to finance five start-ups during Q2 of 2016, with a budget of EGP 15m. It will focus on Egypt, Saudi Arabia, and Lebanon in the first phase.

The group will get a maximum 40% share in all companies it finances, and will exit these companies after three to five years. It will also appoint one of the investors of the group in the financed companies to operate as a mentor to support the work team and attend the meetings of their Boards of Directors.

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