“We’re narrowing our sectoral focus to concentrate on early-stage startups where our support can make a more significant difference.”

The FRA’s regulatory framework mandates that the issued and paid-up capital for the specified non-banking finance companies should not be less than EGP 75 million (approximately USD 1.5 million) or its equivalent in foreign currencies, based on the exchange rate set by the Central Bank of Egypt

The funding marks a significant milestone for the company as it accelerates its path to profitability, targeting Q1 2025 for this achievement.

North Africa, primarily driven by Egypt, witnessed growth, while West Africa, heavily reliant on Nigeria, experienced a decline.

Utilizing a purpose-built tech infrastructure and payment rails, businesses can instantly send and receive money in over 170 countries and convert between 49 currencies. Today, VertoFX supports over 4,000 businesses, from startups and SMEs to large corporate companies.

Since its soft launch in late 2022, Qardy has rapidly gained traction, onboarding over 1,000 corporate clients and facilitating loan transactions worth more than $12 million.

Only 32% of established investment managers and 26% of emerging investment managers work full-time on their investment vehicles.

“It’s the first time a game made in sub-Saharan Africa and by Africans will be present on a gaming console.”

National venture capital funds are rare in Africa, but where they exist, they have demonstrated effectiveness.

International acquisitions typically show higher average values compared to domestic exits

This latest fund marks a substantial increase from Havaíc’s previous ventures.

Globally, Meta generated $75.5 million in revenue during the same period, with the remaining $8.4 million coming from regions outside of North America and Europe, including Africa, Latin America, and the Middle East.