Founders in North Africa seeking capital for their early-stage ventures could do worse than knocking on the door of Plus Venture Capital (Plus VC), a MENA-focused investor quickly emerging as one of the region’s most prolific seed-stage backers.
Launched in 2020 by Sharif El-Badawi and Hasan Haider — both veterans of the region’s startup scene — Plus VC set out with a bold plan: to deploy its debut $60 million fund into at least 120 early-stage investments across the Middle East and North Africa (MENA) and its diaspora. In the years since, the firm has established itself as a go-to name for entrepreneurs from Cairo to Casablanca.
So far in 2025 alone, Plus VC has backed a flurry of Middle East and North Africa-focused deals: Prop-AI (Seed, June 18), Toolmart (Seed, May 26), Bloom Path (Seed, May 5), and Flow48 (via conventional debt, February 25). The firm also took part in Tunisia-based Kumulus Water’s recent funding round, which brought together a diverse investor syndicate including Bpifrance, Flat6Labs, Khalys Venture, and Spadel.
This recent activity builds on Plus VC’s cumulative track record of 93 investments across the region since its founding, a figure that underlines its appetite for early bets on ambitious founders.
In 2024, Plus VC helped lead a $2.5 million round for Educatly, an Egyptian edtech platform co-founded by Mohamed ElSonbaty, Abdelrahman Ayman, and Joan Manuel. Educatly aims to democratize access to global higher education opportunities for students across Africa and beyond, offering AI-powered tools to search for universities, programs, and scholarships.
The round also saw participation from TLcom Capital, Egypt Ventures, and Ireland’s HBAN syndicate, highlighting how Plus VC’s involvement can help bring international investors to North African startups.
Founders with deep roots in MENA
Before founding Plus VC, both El-Badawi and Haider were managing partners at 500 Startups’ Falcons Fund, where they honed their investment thesis in the Middle East. Together, they have completed over 200 transactions across the region.
Sharif El-Badawi, who brings 25 years of technology and operating experience, said the launch of Plus VC was motivated by a desire to combine capital with hands-on support. “With Plus VC we have the advantage of using our unique experience to do something a little different,” El-Badawi noted. “Investment is just the first step — our founders can expect deep support from experienced practitioners and access to a unique network of operators, mentors, and investors.”
Hasan Haider, a former entrepreneur and investment banker who has invested in MENA startups for over a decade, emphasized the firm’s mission to build a broad portfolio: “Our aim is to invest in a diversified portfolio of seed-stage startups, targeting 120 investments over three years. Our five-year legacy of investing in MENA and global startups has helped us build deep networks for exceptional deal flow.”
The MENA region, and particularly North Africa, has seen steady growth in startup activity over the past decade. Landmark exits such as Amazon’s $580 million acquisition of Souq in 2017 and Uber’s $3 billion purchase of Careem in 2019 signaled the region’s potential to international investors.
While the ecosystem remains relatively nascent compared to global hubs, its momentum is unmistakable: in the first half of 2020 alone, MENA startups raised $659 million — almost matching the full-year total of 2019 despite global headwinds.
It’s a dynamic landscape that Plus VC believes will continue to yield opportunity, especially for founders in North Africa’s large, young, and increasingly digital populations.
“Our thesis is designed to empower startups in the rapidly growing MENA economy,” Haider said at the firm’s launch. “We intend to leverage our expertise and knowledge to positively impact the growth of the region’s burgeoning startup ecosystem.”
Plus VC’s managing partners argue that the region needs more than just checks. They stress the importance of mentorship, community, and operational guidance to help startups adopt international standards and build globally competitive companies.
El-Badawi summed it up: “We are building a thriving community of startups to support each other and increase the adoption of best practices. We look forward to partnering with extraordinary and innovative entrepreneurs to help build successful businesses and contribute to a vibrant regional economy.”
For founders in North Africa hoping to secure early-stage backing, Plus VC’s growing portfolio, hands-on support, and deep regional roots make it one of the most active — and approachable — venture investors in the region today.
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