Czech’s Creative Dock Group (CDG) announced on Monday its expansion in Egypt through the acquisition of FoundersLane to create a joint venture that scales digital-first products across diverse sectors of €100 million ($101 million) in start-ups across MENA. The project’s investment will be over the next five years.
Under this acquisition, the CDG launched FoundersLane Egypt to manage the company’s operations inside Egypt during the coming period.
Egyptian entrepreneur Mohamed Abo El-Naga headed the chairperson of FoundersLane Egypt.
Martin Pejsa CEO of CDG said that the new entity aims to build ventures capable of generating profits and making a continuous positive impact on people’s lives.
Abo El-Naga appreciated the integration and said that it will add unique value to the Egyptian market.
CDG will employ more than 600 employees working from seven places with key offices in Zurich, Prague, Berlin, Vienna, and Riyadh.
FoundersLane and CDG have launched over the last decade more than 100 ventures around the world for European and MENA region clients.