British International Investment

Endure Capital 21 C.V.

EgyptNorth AfricaCommunications & IT servicesConsumer - other servicesFinancial servicesFood & AgricultureManufacturing

Endure Capital is an early-stage ventuer capital firm headed by entrepreneurs. The fund aims to back resourceful and imaginative founders solving genuine problems across Africa, with a focus on Egypt.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

This investment is part of our strategy to: (i) support local entrepreneurial ecosystems in our markets in order to build new businesses which create jobs, and; (ii) provide us access to early-stage companies that have the potential to create transformational impact at scale.

Endure Capital 21 aims to catalyse Egypt's venture capital market. The fund will support the growth of innovative and scalable companies, improving access to economic opportunities and providing essential goods & services to businesses and consumers in Egypt.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.


  • Provide income-generating opportunities (SDG 8.5).
  • Enhance economic participation and well-being by providing access to financial services (SDG 8.10).
  • Improve access to quality and affordable healthcare (SDG 3.8).


Primary Secondary

Helping to strengthen a more mature VC ecosystem by continuing to develop the next generation of tech entrepreneurs and mobilising commercial capital into this market segment – particularly early stage VC which remains uncompetitive at this point.

Jobs creation via investments in up to 20 start-ups and indirect jobs via logistics and mobility, tech platforms


Stakeholder Geography Characteristics
Suppliers and employees

Egypt and some adjacent markets

Variable including significant share of low-income workers (blue collar, drivers)

Consumer and small-scale entrepreneurs

Egypt and some adjacent markets

Variable including underserved borrowers representing untapped market segments

How much?

Scale Depth/Duration

Estimated 2,000-11,000 jobs supported and 550-2,700 jobs created over fund life estimating 23% CAGR

Variable–higher for low-income workers previously in informal economy and material for underserved borrowers


  • Financial additionality: We will be coming in as the largest commitment anchoring first close and will support the fund in reaching viable first close.
  • Value additionality: Our support will strengthen environmental, social, governance and business integrity processes

Grid score

Grid Score

To help us direct our investments, we previously used a tool called the Development Impact Grid. It scored investments out of four, based on two factors: the difficulty of investing in a country and the propensity of the sector to generate employment. This tool was used for investments until the end of 2021. Since 2022 it has been replaced by the Impact Score.



Execution Risk
  • the impact and commercial cases rely on the ability of the fund manager to successfully execute its strategy and demonstrate financial viability. Alignment risk: the fund could allocate capital to companies and geographies that have a weaker impact case.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We worked with the fund manager to develop and implement an ESMS for this first-time fund.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    North Africa

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Communications & IT services, Consumer - other services, Financial services, Food & Agriculture, Manufacturing

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    December 2021
    Amount :
    Currency of investment :
    Fund Manager:
    Endure GP B.V.

    The company or investment fund’s place of incorporation.


Investments made by this fund into companies:

Investment name Country Region Sector Start date Status
Breadfast Egypt North Africa Manufacturing January 2022 Exited
Brimore Egypt North Africa Communications & IT services January 2022 Active
Cassbana B.V. Egypt North Africa Financial services September 2022 Active
Elshuna Egypt North Africa Food & Agriculture September 2022 Active
MaxAB B.V. Egypt, Morocco North Africa Consumer - other services March 2024 Active
Pylon Egypt North Africa Communications & IT services January 2022 Active
Suplyd for Electronic Trading LLC Egypt North Africa Communications & IT services September 2022 Active

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