(Ecofin Agency) - After focusing on North Africa since its launch in 2010, the Egyptian VC firm plans to gradually expand its operations into sub-Saharan Africa, starting with Kenya and some West African countries.

Egyptian venture capital firm Sawari Ventures is launching a new $200 million fund. With Sawari Ventures II, the company will invest in sub-Saharan African startups for the first time, according to a report by Enterprise News on October 22, citing a company spokesperson.

“As with our first fund, this will be a dual structure, consisting of an Egypt-based fund that brings together Egyptian investors to focus on Egypt, and a foreign-based fund, attracting international investors and development finance institutions (DFIs) to cover Egypt, Tunisia, Morocco, Kenya, and West Africa,” the representative explained.

However, Egypt will remain the primary focus, with 70% of the investments—about $140 million—going to local startups over the next four to five years. Sawari Ventures II will prioritize startups in growth stages (Series A and B), with a smaller portion allocated to early-stage ventures.

Key sectors include fintech, deeptech, edtech, healthtech, climate tech, and agritech. Sawari Ventures expects the first closing of the fund by early 2025. So far, the firm's investments have been limited to Egypt, Tunisia, and Morocco.