Ahmed El Alfi and Hany Al Sonbaty: Pioneering the VC Revolution and Fostering Entrepreneurship

In the world of technology and entrepreneurship in Egypt, few names resonate with the level of impact and visionary  prowess that comes with mentioning Ahmed El Alfi and Hany Al Sonbaty. Ask any stakeholder in Egypt’s startup ecosystem about the most impactful investors in Egypt, and Flat6Labs and Sawari Ventures will undoubtedly be mentioned. 

Sawari Ventures was the first to be founded in 2010, by Ahmed and Hany. The firm has been instrumental in providing growth capital to promising startups, thereby creating a self-sustaining ecosystem of innovation and entrepreneurship.  

They wasted no time, as the two also went on to create Flat6Labs in 2011, which has since expanded to Saudi Arabia, UAE, Lebanon, Tunisia, and Bahrain. Flat6Labs nurtures early-stage startups across MENA, drawing applicants from over 70 countries and fostering a new generation of entrepreneurs. Their approach to venture capital is deeply rooted in the belief that entrepreneurship is a critical driver of economic transformation. “Our ultimate aim is to find the best entrepreneurs, with the desire and capability to build great companies,” Hany says, underscoring the importance of supporting visionary founders who can navigate the challenges of scaling their businesses in a complex market. 

In 2013, Ahmed El Alfi went on to become the founder and Chairman of The GrEEK Campus, Cairo’s first technology and innovation park, offering state-of-the-art office spaces for both startups as well as established multinational technology and media companies. The GrEEK Campus took over the abandoned former American University of Cairo (AUC) campus, in the heart of Cairo, which now houses over 250 startups and corporations and a vibrant community of over 2,800 high-impact tech jobs. It was envisioned to provide a connected and supportive network, along with collaborative work spaces to harness creativity and impact "because at the heart of technology is cool conversations,” says Ahmed. It’s resident startups include the likes of MNT-Halan, Tabby, Uber, PayTabs, Sary, Money Fellows, Egypt Ventures, and Udacity – just to name a few. 

The three institutions act as a three-pronged stool, acting as a foundation for Egypt's startup ecosystem. The GrEEK campus is the physical brick-and-mortar home that acts as a container for collaboration and creativity. Flat6Labs acts as a pre-seed and seed-stage incubator, identifying top local entrepreneurs to launch their big ideas into fully functional startups. Meanwhile, Sawari Ventures is one of the leading VCs bringing access to capital to growth stage startups.  

Despite the obvious synergies, the three institutions work completely independently. Lucidity Insights did some analysis and found that though Sawari Ventures has funded a few top startups that have come out of Flat6Labs, this is not the norm. 

Prior to launching Sawari Ventures, both Ahmed and Hany’s careers have seen an impressive trajectory. Hany’s professional career started out at EFG-Hermes Private Equity, where he led the technology media and telecoms (TMT) and venture capital business. He led Ideavelopers at EFG-Hermes, which managed the US $50 million Technology Development Fund, Egypt’s first technology fund which was launched in 2004.  

While Ahmed’s early career in Southern California saw him navigating the competitive realms of Wall Street and Venture Capital, Ahmed did eventually return to Egypt. Ahmed assumed the role of CEO at EFG-Hermes Private Equity in 2006, which is where he first met Hany and the seeds of their future partnerships were sowed. It is creative partnerships like theirs, across Egypt and across the Middle East and Africa that are creating strong startup ecosystems everywhere. It’s dynamic duos and collaborations like this one that are so necessary, especially in a market such as Egypt. Egypt has had its share of ups and downs over the past few decades – from the Arab Spring in 2011 to the more recent currency devaluations the country is battling in the post-pandemic reality.  

Mr. Sonbaty and Mr. El Alfi’s journey is a testament to the transformative power of visionary leadership and entrepreneurial spirit. Their role in shaping today's Egyptian startup ecosystem and the impact created, transcends borders, and has inspired a new generation of innovators and entrepreneurs. Their legacy is not just in the companies that have been built or the investments made, but in the vibrant community of thinkers, creators, and leaders that have been nurtured along the way.