Sunday, February 1, 2009--EFG-Hermes, in conjunction with Ideavelopers, is proud to announce the launch of the second fund, Technology Development Fund II (TDF II), will target startups, early stage companies, innovative business models, and under-served Egyptian CIT markets. The portfolio for the first fund, established in 2004, included companies in sectors like online tutoring, e-government automation, gaming company, natural language processing, architectural outsourcing services, and technology for healthcare.

TDF has spent the last several years developing its award-winning portfolio companies from the ground up. Today, TDF proudly represents some of Egypt’s most respected technology companies. Starting in 2004, TDF invested LE 49 million in 12 budding companies, all of which have become successes in their own right, both locally and internationally. Of the companies in the TDF portfolio, four were startup companies, six were in the early stages and two companies underwent a complete turnaround.

Continuing its long term support for the IT community, TDF recently announced the launch of TDF II. The second fund will have LE 215 million at its disposal to seek out and invest in dynamic Egyptian teams with innovative ideas in new or under-served CIT markets. TDF II has already committed to invest in six companies totally LE 51 million in investments. Here are a few of the companies that TDFII is spotlighting: Diagnosoft - an MRI analysis software tool; ConnectmeTV; a home entertainment device consisting of high-definition receiver and video-on-demand features; and, Fawry a new online billing and mobile processing company.

Commenting on TDF’s phenomenal achievements, Ahmed Gomaa, CEO of Ideavelopers which manages the fund, said “TDF stands as a pioneer at the forefront of technology developments. We are proud to have a hand in the creation of some of the most advanced and radical technologies in the market today. With the launch of TDF II we hope to continue to lead the way in technological advancements that will keep on propelling the Egyptian CIT market forward”.

Contact:
Tania Hamilton
Marketing Manager
thamilton@ideavelopers.com