COREangels Launches $10M Fund to Support MEA Startups
TLDR
- The fund is investing up to $10 million in tech startups aligned with the UN Sustainable Development Goals
- It offers up to $150,000 in capital per startup, as well as operational and technical support through Kemtix Ventures, the group’s innovation studio
- A memorandum of understanding was signed between COREangels MEA and the Arab Academy to support early-stage entrepreneurs
COREangels MEA has launched its fifth Investment Committee, a three-day forum bringing together angel investors, fund partners, and startup founders from across the Middle East and Africa. The event, held at the Arab Academy for Science, Technology and Maritime Transport, focused on scaling early-stage fintech ventures that support inclusive growth.
Maha Mandour, Chairperson of PTS Holdings and Co-Founder of COREangels MEA, stated that the fund is investing up to $10 million in tech startups aligned with the UN Sustainable Development Goals (SDGs). The fund offers up to $150,000 in capital per startup, as well as operational and technical support through Kemtix Ventures, the group’s innovation studio.
From over 1,000 applicants, five startups were selected: eMaisha Pay (Uganda), RentBeta (East Africa), Aqua Offers (Egypt), Monak (MENA), and Reeple (Nigeria). These startups provide financial services ranging from farm microloans to rent management and international payments.
A memorandum of understanding was signed between COREangels MEA and the Arab Academy to support early-stage entrepreneurs. The event included training, panels, and founder meetings. Rui Falcão, President of COREangels International, highlighted the fund's role in linking regional innovation to global capital networks.
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Key Takeaways
The decision to focus this year’s investment committee on fintech reflects a broader trend: the sector is projected to exceed $100 billion in value across the Middle East and Africa by 2028. As more individuals seek access to financial services, angel networks and venture capital funds are turning to embedded finance, digital payments, and inclusive lending platforms as key drivers of growth. For investors, the rise of fintech in MEA offers a path to returns tied to measurable social outcomes. By backing startups with strong product-market fit and scalable technology, funds like COREangels MEA are positioning themselves to shape both capital markets and community impact. The fund’s hybrid approach—combining capital with advisory and venture studio resources—signals a shift toward more hands-on, ecosystem-focused investment in the region.
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