RIYADH: Egypt-based angel network Cairo Angels announced the first close of its micro-venture syndicate fund.
The Cairo Angels Syndicate Fund will make an average investment of between $100,000 and $250,000 across the Middle East and Africa with focus on Egypt, the UAE, Saudi Arabia, Nigeria, Kenya, and South Africa.
The angel network didn’t disclose the amount it raised at its first close.
The fund is also negotiating additional co-investment rights for its LPs on a deal-by-deal basis which will enable investors to double down on opportunities.
CASF plans to focus on achieving the final close and reaching its funding target of $5 million, and is currently in advanced discussions with institutional investors.