The first investment operation of Menagurus, specialised in investing in start-ups, will be officially announced by the end of this month, managing director of the investment group Hisham Abdel Ghaffar said.
Six start-ups were selected by the group to for granting investments. These start-ups provide technological solutions in the fields of communication, transport, and health care. The legal procedures of granting the investment are underway, said Abdel Ghaffar, revealing that the expected amount to be pumped into the companies ranges between EGP 10m and EGP 12m.
The capital of Menagurus, which was established in January, amounts to EGP 100m, and includes eight investors, three Egyptians, and five Saudis. The group is expected to finance each start-up company with EGP 250,000 to EGP 3m.
Menagurus is targeting to finance at least five start-ups with EGP 15m in the second quarter of the current year. In the first phase, it will focus on the Egyptian, Saudi, and Lebanese markets.
The group will receive a maximum share of 40% from the start-ups that are financed. After three to five years, the group will exit from these start-ups. One of Menagurus’ shareholders will act as a mentor for the company receiving investment. The mission of this mentor is to advise and support the company’s work, and to attend board meetings.