Egypt-based venture capital firm Camel Ventures has announced the launch of a new EGP500 million ($16 million) fund focused on supporting the country's fintech start-up ecosystem.

The firm's initial investment vehicle, Camel Ventures for Investment I, will provide both equity and venture debt in local currency to early and later-stage start-ups in Egypt.

The fund is backed by investors in Egypt and the Gulf Cooperation Council (GCC), including banks, financial institutions and family offices.

“We believe in Camels – not only potential Unicorns – the embodiment of the characteristics we look for, and nurture, in our partners – the startups. Camels are the most powerful symbol of endurance, reliability, persistence, and strength. They represent incredible patience and steadiness but are also fast movers, and more importantly can maintain speed for long hauls. Their home is Africa and Asia, our target expansion markets, and the cradles of future innovation and progress,” the company said.

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Camel Ventures seeks to build partnerships with start-ups, offering local knowledge, business expertise and global outreach to support growth on a regional and global level. The firm has already invested in 10 start-ups in various sectors, including Khazenly, Pharmacy Marts, and klickit.

“The success of the startup relies on the collective strength of all partners and stakeholders. We focus on our deep local knowledge, regulatory and business expertise, as well as, our global outreach and network to support local champions while strengthening their growth on a regional and global level. Our diverse investment instruments are designed to provide our partners with the most appropriate alternative financing source to meet their specific stage requirements and to reduce exposure to unnecessary risks or excessive dilution," the firm disclosed.