While venture capital funding in Africa's technology sector was down in 2023 compared with 2022, local initiatives are being put in place to give fresh impetus to the sector, which remains attractive.

Egyptian venture capital firm Sawari Ventures announced plans to launch a $150 million fund dedicated to financing Egyptian startups, aiming to revive the country's tech ecosystem amid a broader funding slowdown.

The announcement, made on Monday by co-founder Hani Al Sanbati, highlights Sawari's commitment to investing in sectors with potential growth, including fintech, edtech, healthtech, green tech, and deep tech. The firm has already supported over 500 startups across the Arab world since its inception in 2010.

This initiative comes at a critical juncture for African tech funding, with investments declining across the continent, including in Egypt, one of the region's most established ecosystems. According to Partech Africa's "2023 Africa Tech Venture Capital" report, Egyptian startups raised $433 million in 2023, a 45% drop from the previous year.

Adoni Conrad Quenum