FoundersLane Egypt is targeting €100 million in investments in the MENA region after it was acquired by Czech startup builders Creative Dock Group.
Czech startup builders Creative Dock Group has acquired FoundersLane, a Berlin-based corporate venture builder that has recently expanded to Egypt. The acquisition is part of the group’s commitment to invest up to €100 million in startups based in the Middle East and North Africa.
The new venture, FoundersLane Egypt, is co-led by Mohamed Aboulnaga, who will act as chairperson, and Anas Rabah, who will serve as the managing director. Both entrepreneurs are venture capitalists and former startup founders. Aboulnaga and Rabah both worked at MNT-Halan, an Egypt-based fintech super app, and Careem, the UAE-based super app. They also recently co-founded Klivvr, a fintech focused venture capital firm.
Egypt is the third largest ecosystem in the MENA region. VC funding in Egypt reached $156 million in Q1’22, recording the highest QoQ funding growth (457%) of the top MENA markets, according to Magnitt Venture Investment Report. While e-commerce had the most transactions, fintech was the most funded sector this quarter, receiving 44% of all capital invested.
“Thanks to this integration, both FoundersLane and CDG will add unique value to the Egyptian market, enabling start-up founders to get access to robust technical know-how from seasoned investors,” Aboulnaga tells StartupScene. “Together, we will disrupt the venture-building ecosystem in Egypt, create several digital powerhouses, and make impactful contributions in cooperation with family businesses, corporates, and even public or semi-public companies.”
FoundersLane has a successful office in Saudi Arabia, providing services to clients across the Middle East, including the Saudi Arabia Public Transport Company.