By Mohamed Alaa El Din
The venture capital fund for investment, KI Angel, is currently considering investing in five start-ups in the information and communication technology (ICT) sector, said founder and CEO Khaled Ismail.
He added, in a statement to Daily News Egypt, that candidate companies for investment are currently being evaluated and studied.
Ismail explained that nearly EGP 10m have been invested, out of a total fund capital worth EGP 15m. The fund also exited two companies, which added liquidity to the capital that can be reinvested in emerging companies.
Regarding his vision of the entrepreneurship and start-up sector and its ability to attract foreign investment, Ismail said entrepreneurship in Egypt is taking steady steps forward, and the proof is that many Egyptian companies managed to draw the attention of foreign investment funds, which reflects the way they see the Egyptian market.
UAE and Saudi Arabian funds have invested in the two companies, Jobzella and Yaoota, which will have a positive impact on the market by encouraging the youth to establish more start-ups that mainly rely on innovation and creativity.
The KI Angel fund was founded in 2011 by Ismail after he sold his company SySDSoft for wireless communications and technology services to Intel. The KI Angel fund is considered a non-profit fund, whereby its revenues and capital are completely allocated for investing in creative and innovative start-ups.