With Mubarak Out, an Egyptian Venture Firm Goes Back to Work
As Egypt President Hosni Mubarak steps down today, Hany Al-Sonbaty has returned to work with renewed determination.
The co-founder and managing partner of new Egyptian venture capital firm Sawari Ventures launched the Cairo-based firm in January, just a week before riots broke out with protesters demanding improved living conditions and a change in the country’s leadership.
Since announcing the formation of Sawari Ventures I and the seed investments in Egyptian mobile start-ups Vimov LLC and Alzwad Mobile LLC, a tsunami of youth led protests have washed across the country, demanding 82-year-old Mubarak relinquish power.
Hoping to quash the movement, the Egyptian government blocked access to Facebook and Twitter (the tools of choice for young organizers) and stopped email and other methods of communication. That’s made it difficult for Egyptian businesses–especially a new venture capital firm–to work effectively.
