Cultiv plans to raise $10 million for its second investment fund, Tectonic Ventures, targeting early-stage deep tech startups across the Middle East and Africa.
The fund aims to invest in around 20 startups developing high-value technologies and products that can scale regionally and internationally, according to CEO Hisham Wahby. The final closing date has not been set and will depend on completing investor commitments.
Tectonic Ventures will expand beyond Cultiv’s earlier focus on Egypt, with a broader geographic and sector mandate centered on deep tech. The company said it is building on experience from its existing fund, which invested about $2 million across 19 startups.
Cultiv has worked with more than 300 companies since 2011 through venture investment, startup building, product development and business support. It has completed exits from two companies, with a targeted exit period of around three years depending on each investment’s growth and opportunities.
The company also runs an accelerator for African healthtech startups. The program received more than 1,000 applications from startups in 42 African countries, highlighting the scale of demand for support in the sector.
Cultiv said it is continuing to secure funding for Tectonic Ventures, with new investments expected to begin after the fund reaches its final close.
Source: Alborsa
