AXIAN Group, controlled by Malagaasy tycoon Hassanein Hiridjee, has invested in Disruptech Egypt Fund I, a venture capital fund dedicated to assisting technology-enabled businesses and fintech startups in Egypt.
Egypt Disruptech Fund I is a venture capital fund dedicated to advancing Egypt’s financial-technology sector by supporting Egyptian entrepreneurs, as well as a rapidly rising number of enterprises in related industrial categories that promote financial inclusion. The fund intends to help these businesses expand from their seed stage to scaling and eventual expansion.
The fund manager’s focus on helping Egypt’s young fintech sector matches, with its broader objective to improve financial inclusion and boost economic growth by expanding access to financial services across the country.
AXIAN’s commitment to Disruptech is in line with the company’s general strategy, which assumes that developments in innovation and disruptive technologies will help people live better lives.
This current investment is in line with AXIAN Group’s mission to expand in the digital economy by speeding innovation-as-a-service to the communities it serves and making innovative solutions available to the broader public.
With AXIAN operating in a number of countries around the world, the partnership with Disruptech will create a platform for identifying synergies between its brands and entrepreneurs in Egypt’s financial ecosystem.
“We are thrilled with our partnership with AXIAN. Egypt is full of bright, talented founders but too often, they cannot secure the capital they need to expand their businesses. This fund is designed to change that and support drive the development of Egypt’s fintech/fintech-enabled sector,” Mohamed Okasha, Disruptech’s managing partner said in a statement.
AXIAN is expressing its support for companies that push the boundaries of technology to reinvent themselves or adapt the latest technologies to meet new requirements through this investment.
According to Hiridjee, CEO of AXIAN Group, this will allow the company to continue establishing bridges to transfer talent and innovation to spur financial inclusion across the region.