COREangels launches fund for MEA region

COREangels, a global community of angel investors and funds, has launched COREangels MEA to bring in early-stage startup funding and investment to the Middle East and Africa regions.

Based out of Egypt, COREangels MEA will work as a network that connects startups to angels, entrepreneurs, corporates, and early-stage investors. It has been launched in collaboration with PTS Holding’s ORO Partners, which will lead the funding. The fund is focused on investing in pre-seed and seed startups in Middle East and Africa region.

The idea is to source investment opportunities and other innovative startups and ideas from the region, said Maha Mandour, Group MD, PTS Holdings.

The COREAngels MEA angel fund is looking to bring funds and startups together, said Reem Sherif, Managing partner of ORO Partners.

There is a growing focus on early-stage investment and funding in the region. The 8x VC fund has plans to deploy $20 million into climatetech and cleantech startups in the region. It also plans to help at least one-third of the startups in its portfolio to expand to the Middle East. The goal is to enable at least five startups to operate in the region by 2024.