The Cairo-based ICT specialist will look to invest in startups across Egypt, Africa and the Middle East.
Benya Group, an Egypt-based digital solutions and Information and Communications Technology (ICT) provider, has signed a memorandum of understanding with international VC firm, Openner, to launch a $50 million capital venture fund for entrepreneurs and startups in Egypt, Africa and the Middle East.
As a leading digital solutions organisation in Egypt, Benya Group has recently made a number of announcements during Cairo ICT 2021, a technology fair and forum that serves as a checkpoint for the Middle East and Africa (MEA) region's most prominent tech companies and organisations. Among them is their intention to expand out of Egypt towards much of the Middle East and Africa region, with a focus on Saudi Arabia, where Benya Group will enable digital transformation across the Kingdom.
"Benya Group believes in the innovative ideas and efforts provided by young calibres, so the group is interested in investing and supporting them through the implementation of a series of partnerships,” said Eng. Ahmed Mekki, Chairman and CEO of Benya Group. “We are pleased to commence this partnership with Openner launching a fund that supports innovative ideas and helps speed up the implementation of the plans to develop the field of technology and digital transformation in all sectors in Egypt and the Arab and African markets.”
Based in the United States, Openner invests in pre-seed and seed funding stages, particularly those that go towards tech-startups. Openner has invested $25 million in over 100 US companies since their launch in 2016, and plans to invest in 50 Egyptian startups over the next two years.