Egypt-based angel network Cairo Angels, has launched its first $3 million micro-venture syndicate fund, aiming to back up and support the growth of local and regional startups at the pre-Series A stage.

 “We are always looking at ways to bring new ideas and innovation to our region and launching the fund is the next step in our evolution. We have enjoyed great success investing in this space and we now want to democratise access to this exciting asset class to active and passive investors alike. Our new model will bring something different to the market and provide much needed capital to a clear gap in the funding life cycle of startups in our region,” said Aly El Shalakany, a member of the fund’s investment committee.

The Cairo Angels Syndicate Fund has already started fundraising and aims to close and start investing in Q1 2021

“This is an exciting time for Cairo Angels as we embark on this new venture to create our first fund. Since we’ve been pioneers in the industry, we are confident that this fund will bring a lot of value to investors, startups and the community. This fund will create a unique opportunity for people to have access to innovative ideas at an affordable initial investment that is available for everyone,” said Nader Aboushadi, a member of the fund’s board.

Founded in 2011, the Cairo Angels is the Middle East’s first angel that focuses on early-stage startups in Egypt and across the region. It is also a founding member of MAIN, an angel investment network in Mena.