Sawari Ventures Launches Fund, Announces Fund Sponsor Naguib Sawiris and Investments in Feature Phone Platform Company ALZWAD and Top-Selling iPhone App Developer vimov

CAIRO, Jan. 18, 2011 /PRNewswire/ -- Venture capital firm Sawari Ventures, LLC  (www.sawariventures.com) announced its launch, as well as initial investments for its first fund, Sawari Ventures I, which focuses on early and growth stage technology companies. The fund is seeded by the partners and sponsored by Mr. Naguib Sawiris.  

"The Middle East is poised to become the next global center of entrepreneurship," said Ahmed El Alfi, Founder and Chairman of Sawari Ventures. "Local entrepreneurs possess world-class talent, but need access to capital, mentorship and expanded networks to realize their full potential."

Seeded by its partners, Sawari Ventures is proud to announce Mr. Sawiris as its first and primary fund sponsor.

"Entrepreneurship, innovation and education are critical to the region's future," said Naguib Sawiris, Executive Chairman of Orascom Telecom (www.orascomtelecom.com). "I am confident that my association with Sawari Ventures is a step towards building a dynamic entrepreneurial ecosystem."

The firm also announced its first two investments: ALZWAD Mobile Services (www.alzwad.com) and vimov (www.vimov.com).  

Cairo-based ALZWAD provides a unique, multi-platform infotainment and communications on-device portal for feature phone users across the Middle East. While, vimov is the developer behind top-selling applications for the iPhone/iPad, including the number-one paid weather iPad app in the world, Weather HD.

Hany Al-Sonbaty, Managing Partner and co-founder of Sawari Ventures, noted, "vimov and ALZWAD are game-changing companies that exemplify the MENA opportunity and demonstrate Sawari's commitment to building a platform for early and growth stage investing in the Middle East."

News of Sawiris' fund sponsorship as well as the ALZWAD and vimov investments comes in the same week as Sawari announced the launch of the Flat6 entrepreneurship lab at the American University in Cairo.

About Sawari Ventures, LLC

Sawari Ventures is a Cairo-based venture capital firm that invests in people turning visionary ideas into market-leading companies in the Middle East and North Africa. Our goal is simple: We want to identify, serve, and provide capital for extraordinary entrepreneurs who are changing the MENA region. Sawari Ventures is led by Ahmed El Alfi, Hany Al-Sonbaty and Leslie Jump, with combined experience of over 70 years investing in, building and leading world-class technology, financial services and media companies. The firm was established in 2010 and is based in Egypt.

About Orascom Telecom

Orascom Telecom is a leading international telecommunications company operating GSM networks in high growth markets in the Middle East, Africa and Asia, having a total population under license of approximately 506 million with an average mobile telephony penetration of approximately 48% as of September 30th, 2010. Orascom Telecom operates GSM networks in Algeria ("OTA"), Pakistan ("Mobilink"), Egypt ("Mobinil"), Bangladesh ("banglalink"), North Korea ("koryolink") and Canada ("Wind Mobile") through its indirect equity shareholding in Globalive Wireless. In addition it has an indirect equity ownership in Telecel Zimbabwe (Zimbabwe) and through its subsidiary Telecel Globe; OTH also operates in Burundi, the Central African Republic and Namibia. Orascom Telecom reached almost 98 million subscribers as of September 30th, 2010. Orascom Telecom is traded on the Egyptian Exchange under the symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange its GDR is traded under the symbol (ORTEq.L, OTLD LI).

About ALZWAD MOBILE

ALZWAD MOBILE provides a unique Infotainment and Communications Platform that enables content and mobile application developers to reach mobile users across the Middle East. Since its launch four months ago ALZWAD has acquired over 300,000 subscribers positioning itself as a leading independent mobile publishing platform in the region.

About vimov

Founded in Alexandria, Egypt in 2008, vimov is developing a new generation of consumer experiences on mobile platforms. Its products include iSimulate, a widely popular application used by thousands of iPhone developers, and Weather HD, the top-paid weather application in the world for the iPad.

SOURCE Sawari Ventures, LLC