Over a period of three years, 500 Global will deploy three separate programs that will support nearly 200 startups and around 60 accelerator managers
Venture capital firm 500 Global is teaming up with the Information Technology Industry Development Agency (ITIDA) to launch a range of programs with the aim to boost Egypt’s evolving startup ecosystem.
50 Global also announced it would be opening an office in Egypt, its first in Africa.
Over a period of three years, 500 Global will deploy three separate programs that will support nearly 200 startups and around 60 accelerator managers thanks to its team of expert program managers, investors, and mentors. These include
1- A boot camp for seed-stage companies
2- A “Scale-Up” program with investments anticipated for participating Pre-Series A companies
3- A boot camp for accelerator managers
Egypt’s Egyptian startup ecosystem has established itself as one of Africa's “big four,” with startups attracting close to $500 million in venture capital funding in 2021.
500 Global has been investing in Egypt for a decade and has investments in more than 60 Egyptian startups, including MaxAB, Homzmart, and Breadfast.
The 500 Global-ITIDA agreement, witnessed by Egypt’s Minister of Communications and Information Technology, seeks to provide promising Egyptian-based startups with the tools they need to succeed and to train aspiring accelerator managers, thus creating the conditions to foster a regional community of innovators.
“The partnership comes within the Ministry’s keenness to establish cooperation with key global players to build an inclusive and robust network of experts and investors, aiming to accelerate the growth of the local startup sector and boost the innovation-based entrepreneurship,” said Minister of Communications and Information Technology, Amr Talaat.
Talaat noted that this cooperation is a continuation of a series of endeavors to nurture and upscale startups along with MCIT’s plans to build and create a vibrant startup community at the Creativa Innovation Hubs spread across Egypt with nearly EGP 5 billion of investment.
“We are thrilled to partner with ITIDA to bring 500 Global’s world-class programs, which have produced eight of our 49 unicorns, and a venture education program tailored for accelerator managers. As long-time investors in the country, we have the utmost confidence in the potential of the Egyptian market and look to be a key enabler of its fast-growing ecosystem,” said Courtney Powell, 500 Global’s Chief Operating Officer and Managing Partner.
