500 International, a US-based enterprise capital agency, is partnering with the Egyptian IT Trade Growth Company (ITIDA) to carry a variety of packages to Cairo with the strategic intention of boosting the nation’s evolving startup ecosystem. 500 International shall be opening an workplace in Egypt, its first ever on the African continent.
Over a interval of three years, 500 International will deploy three separate packages that may help practically 200 startups and round 60 accelerator managers because of its crew of professional programmanagers, traders, and mentors. They embody: A Bootcamp for seed-stage corporations, a Scale-Up” program with investments anticipated for collaborating Pre-Sequence A corporations, bootcamp for accelerator managers
Commenting on the settlement, Egypt’s Minister of Communications and InformationTechnology, Dr. Amr Talaat mentioned: “The partnership comes throughout the Ministry’s keenness to ascertain cooperation with key world gamers to construct an inclusive and sturdy community of specialists and traders, aiming to speed up the expansion of the native startup sector and increase the innovation-based entrepreneurship.”
The Egyptian startup ecosystem has established itself as one in every of Africa’s “large 4” in a really brief period of time. Its startups have attracted practically $500 million in enterprise capital funding in2021– greater than twice the quantity in 2020. The five hundred International-ITIDA settlement, witnessed by Egypt’s Minister of Communications and Info Expertise, seeks to supply promising Egyptian-based startups with the instruments they should succeed and to coach aspiring accelerator managers, thus creating the situations to foster a regional neighborhood of innovators.
Talaat famous that this cooperation is a continuation of a sequence of endeavors to nurture and upscale startups together with MCIT’s plans to construct and create a vibrant startup neighborhood on the inventive Innovation Hubs unfold throughout Egypt with practically EGP 5 billion of funding.500 International has been investing in Egypt for a decade and has investments in additional than 60 Egyptian startups, together with MaxAB, Homzmart, and Breadfast.
“We’re thrilled to accomplice with ITIDA to carry 500 International’s world-class packages, which have produced eight of our 49 unicorns, and a enterprise schooling program tailor-made for accelerator managers. As long-time traders within the nation, we have now the utmost confidence within the potential of the Egyptian market and look to be a key enabler of its fast-growing ecosystem,” mentioned Courtney Powell, 500 International’s Chief Working Officer and Managing Companion.
As a part of its expanded technique, 500 International has appointed Amal Enan as a Companion, primarily based in Cairo, overseeing deal-related actions within the nation. Enan has been investing in Egyptian startups for the previous eight years and serving to them scale. Her expertise contains roles on the American College in Cairo, International Ventures, the Egyptian American Enterprise Fund, the Egyptian Ministry of Finance, EFG Hermes, and the IFC.“Together with her deep information of the market and funding expertise, Amal Enan shall be an vital driver of our funding technique in Egypt, as we welcome her in her function of Companion,” added Courtney Powell.
For his half, Dr. Hossam Othman, Vice President of the Info Expertise IndustryDevelopment Company (ITIDA), mentioned that ITIDA seeks via this settlement to empower the neighborhood of native entrepreneurs and encourage them to launch their tasks and modern startups in collaboration with a globally famend enterprise capital agency, similar to 500 International. Othman added that the five hundred International workplace shall be positioned at Digital Egypt Innovation Hub Creativa in Giza which embraces the state-of-the-art enterprise surroundings and the very best requirements for launching profitable startups.
“500 International has been an lively supporter of Egyptian startups, and our partnership with ITIDAserves reinforces our dedication to founders as they mature. I’m extremely excited to hitch the five hundred International crew, and be a part of their mission to uplift individuals and economies via entrepreneurship, as this new chapter unfolds,” mentioned Amal Enan.