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CIB establishes CVentures, Egypt's first corporate venture capital firm primarily focused on Fintech startups Establishment of CVentures is evidence of CIB's profound commitment towards supporting Egyptian financial sector: Abaza
The Commercial International Bank (CIB), Egypt's financial institution, announced the establishment of CVentures, the first corporate venture capital firm in Egypt primarily focused on investing in transformational Fintech startups, and next generation financial services platforms. CVentures will pre-dominantly participate in Series A and Series B investment rounds in Egypt, the Middle East, and Africa as well as other highly recognised cross-border market economies, in addition to considering seed investment rounds across similar markets. To achieve this, CVentures will combine the speed and agility of an independent investor with the breadth of the CIB's businesses, whilst continuously developing meaningful relationships with dynamic and insightful stakeholders involved in high-growth, disruptive technologies, and differentiated business models that compliment and intersect with the CIB's core businesses. Hussein Abaza, CIB's CEO and CVentures Chairperson stated that the CIB has always had a clear vision on the importance of entrepreneurship. "The establishment of CVentures is a continuation of such vision, evidence of the CIB's profound commitment towards supporting the development of the Egyptian financial sector. The founding of a venture capital firm focused on Fintech comes at a very exciting time for the Egyptian economy, where all the stakeholders are encouraged to support the government's strategic direction towards financial inclusion," added Abaza. Moreover, "The CIB's establishment of CVentures is aligned with the international common practice amongst major banks, where the adoption of win-win collaboration models with the start-up communities has ultimately served customers better." added Ashraf Shash, head of CIB's Direct Investment Group and CVentures' vice chairperson. "I am confident that CVentures, with CIB's support and the dedication of its executive team, will surpass its targets to have a meaningful impact on the start-up ecosystem. We expect CVentures to add a considerable value to portfolio companies, venture partners, and the venture capital community in Egypt and the region". Shash finally stated.
