CASE STUDY | VENTURE CAPITAL
Bridging Gaps,
Building Funds: Empowering Egypt’s VC Future with Falak Startups
Building Momentum: A Return to Cairo’s Venture Capital Landscape
The Egyptian venture capital ecosystem is evolving rapidly, with significant strides made in building capacity and fostering collaboration.
In November 2024, Falak Startups partnered with Strategy Tools to host the second edition of the Fund Manager Masterclass in Cairo.
The inaugural program in 2022 was a resounding success, receiving overwhelmingly positive feedback from participants and organizers alike. Many noted its engaging and interactive format, which combined theory with hands-on simulations.
This success not only highlighted the need for such initiatives but also prompted Falak Startups to bring Strategy Tools back to build on the momentum and further strengthen Egypt’s startup ecosystem.
The 2024 three-day masterclass aimed to address the region’s unique challenges, empower investors, and solidify the foundation of the venture capital landscape in Egypt.
“We wanted something unique that could truly serve the ecosystem by upskilling investors and creating a lasting impact. The positive feedback from the first edition made it clear this was the way forward.”
Navigating the Gaps:
Challenges in Egypt’s
Venture Capital Ecosystem
Egypt has long been a hub for entrepreneurial activity in the MENA region. However, the venture capital ecosystem faces distinct challenges:
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Investor Capacity: While efforts to support founders have increased, the need to mobilize and develop investors remains a significant gap.
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Economic Pressures: Currency fluctuations and macroeconomic uncertainties have impacted investor confidence.
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Ecosystem Gaps: Many participants in the VC landscape lack hands-on experience in fund management, creating barriers to effective investment practices.
One participant, Niccolò Sapio of Plug and Play, emphasized this gap, stating, “The real work lies in building better investors who understand how to effectively mobilize capital and navigate the complexities of fund management.”
Falak Startups, a leading ecosystem enabler, recognized these challenges and sought to address them through a practical and engaging program designed for maximum impact.
“Founders are over-mentored and underfunded. The only way to close this gap is by creating informed investors who are equipped to mobilize capital effectively.”
A Practical Framework for
Venture Capital Success
In November 2024, the Strategy Tools team (Christian Rangen, Henrik Amstutz, Rick Rasmussen, and Kyrre Lemvik) flew to Cairo to lead a 3-day Fund Manager Masterclass for 45 participants.
The attendees represented a diverse mix of venture capital professionals, fund managers, investment analysts, and ecosystem enablers from across Egypt and the broader MENA region. This diversity ensured that the learning experience was enriched by multiple perspectives.
The Fund Management program was structured around:
- The Fund Manager! Simulation: Participants roleplay the lifecycle of a venture capital fund, from fundraising to exits.
- Learning Modules: Sessions on key topics such as GP/LP structures, investment strategies, and value creation.
- Expert Panels: Insights from seasoned VCs and ecosystem leaders, including fireside chats and Q&A sessions.
One of the participants – Nader Ibrahim – highlighted the immersive approach, “Experiencing the simulation as a team gave us the closest experience to running a real fund. It changed how I think about fund planning.”
Mirette Ramez reflected on the unique dynamic of the program, saying, “It was amazing to see how collaboration and competition drove our team to make better decisions.”
Similarly, another participant, Hania Tarek emphasized the relevance of the content, noting, “The value creation cards mirrored what we do daily, but seeing them in this structured way was an eye-opener.”
“The pressure felt real. This program mirrors the complexities of fund management better than anything I’ve seen.”
Advancing Impact: Enhancements to the 2024 Edition
The 2024 edition was a significant step forward from the initial program in 2022. Key improvements included:
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Venue Upgrade: A premium location provided an enhanced learning environment.
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Extended Content: More teaching sessions were integrated, alongside interactive discussions and panels.
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Participant Selection: A curated group of over 50 professionals, including venture associates, investment managers, and ecosystem enablers, ensured high engagement and relevance.
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Tailored Content for MENA: Strategy Tools and Falak Startups developed several pieces of content specifically designed for the MENA market. These resources included localized case studies, investment scenario exercises, and region-specific examples, ensuring participants could immediately relate the material to their local context. This tailored approach significantly enhanced the learning experience and applicability of the program.
According to Tarek Seif, one of the lead organizers from the Falak Startups team, “We wanted to take everything that worked in 2022 and elevate it. From the venue to the content, every element was designed to ensure participants left with real, applicable knowledge and stronger networks.”
The program received strong support from partners like the European Bank for Reconstruction and Development (EBRD) and USAID, underscoring its importance to the region’s growth. The 2024 edition was a significant step forward from the initial program in 2022.
“The tailored content made a significant difference—it felt directly relevant to the challenges we face in the MENA region.”
Impact
The masterclass delivered tangible benefits for participants and the broader MENA ecosystem:
Enhanced Skills: Participants gained a deeper understanding of fund management, strategic decision-making, and ecosystem dynamics. As Niccolò Sapio reflected, “The exercise forced us to step back, look at the bigger picture, and plan strategically. It gave me new perspectives that I can bring back to my day-to-day work.”
Real-World Application: The simulation-based approach provided a practical framework for tackling VC challenges. Mirette Ramez shared, “It was amazing to see how collaboration and competition drove our team to make better decisions, which mirrors the real pressures of fund management.”
Networking: Strong connections were built among participants, fostering collaboration and knowledge exchange. Tarek Seif noted, “The teamwork and interaction between participants created bonds that extended beyond the program—many left with new partnerships and opportunities.”
Ecosystem Impact: By addressing investor capacity, the program contributed to long-term ecosystem resilience and growth. Ahmed Hazem emphasized, “Building better investors is critical for the ecosystem, and this program is a step toward closing the gaps in Egypt’s VC landscape.”
“Participants became so competitive during the simulation that they forgot about time. It was incredible to see the level of engagement.”
Looking Ahead
The Strategy Tools & Falak Startups Team
The success of the 2024 masterclass held in November has paved the way for even more future collaborations between Falak Startups and Strategy Tools. We are now working to:
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Expand the program to other markets in the MENA region.
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Host additional editions in Egypt, potentially twice a year, to meet growing demand.
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Continue evolving the curriculum to address emerging trends and challenges in the VC landscape.
“This isn’t just another educational program. It’s a game-changer because it’s not about lecturing; it’s about doing.”
About Falak Startups
Falak Startups is an early-stage VC powered by the Egyptian Ministry of International Cooperation and its venture capital arm, Egypt Ventures.
Falak Startups’ mission is to find and empower talented and ambitious seed stage tech startup founders and help them thrive in the region’s rapidly changing entrepreneurship landscape.
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