Arab Finance: Sequence Ventures intends to secure EGP 300 million from three private banks to raise the deep tech fund’s capital to EGP 500 million by the end of 2024, CEO Mohamed Fahmy told Asharq Business.

This fund targets investing in startups engaged in transforming scientific research into projects with economic returns, Fahmy pointed out.

Moreover, he highlighted the challenges facing the sector, citing the high cost of funds and the inclination of local banks to prioritize debt instruments over Fahmy also venture investments.

Additionally, Fahmy noted that his company has initiated the procedures of opening a headquarters in Qatar.

The company is also studying expansion in Saudi Arabia to benefit from the facilities the kingdom provides for startups and business incubators, he added.

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