Endeavor Catalyst Fund, Endeavor’s co-investment vehicle, has made its first investment in Egypt, contributing $500,000 to Vezeeta, in what is considered a major milestone for Endeavor Egypt and its network of entrepreneurs. Alongside Endeavor Catalyst, Jordan’s Silicon Badia, Sweden’s Vostok New Ventures, and Cyprus’ Vulkan Equity Limited have also invested additional funds.
Following the company’s series B investment round in September 2016, in which it raised $5m in investments from Silicon Badia, Vostok New Ventures, UAE’s BECO Capital, and Egypt’s Science and Technology Fund, Vezeeta has now raised a total of $10.5m in investment.
Mohamed Rahmy, the managing director of Endeavor Egypt, said that they are very happy to be witnessing Endeavor Catalyst making its first investment in Egypt, adding that with its 50+ investments made in 17 countries, and its promising track record, this investment conveys a clear signal and vote of confidence in Egypt’s entrepreneurial potential. “I’m confident of the synergies Catalyst will bring to Vezeeta’s very exciting regional scale-up journey,” he stressed.
Vezeeta is specialised in digital healthcare solutions, led by Endeavor Egypt Entrepreneur Amir Barsoum. The success of Vezeeta’s technology comes from its ability to address major problems faced by patients when trying to access doctors in Egypt and across the region. Vezeeta’s technology is transforming the healthcare industry by reducing the problem of long lines at clinics, listing comprehensive clinic and doctor information on the platform, and collecting feedback on patients from their experiences. In April 2017, Vezeeta announced the expansion of its online booking platform beyond Egypt and into Jordan and Lebanon, positioning it as a major regional player helping to connect thousands of more patients to healthcare practitioners through fast, around-the-clock, online appointment booking.
Amir Barsoum, CEO and co-founder of Vezeeta, said that they are very excited to have Endeavour Catalyst on board, noting that their vast strategic experience and global network is significant and will help them rapidly build and further scale their operations regionally as they continue their venture into new Middle East and Africa markets.
Endeavor provides its entrepreneurs in Egypt and across the 26 countries where it operates with access to talent, mentorship, and capital, through a series of customised local and global services. The introduction of Catalyst in 2012, the rules-based co-investment fund of Endeavor—set up to invest exclusively in Endeavor Entrepreneur-led companies—has been a major driving force for the support Endeavor extends to its network of high impact entrepreneurs, turbo-charging their journey from startup to scale-up. To date, Endeavor Catalyst has invested in 53 Endeavor Entrepreneur companies in 18 countries.