500 Global Opens Office in Egypt and Partners with ITIDA to Launch Support Programs for Local Startups
- US venture capital firm 500 Global is set to open an office in Egypt and recently partnered with the Information Technology Industry Development Agency (ITIDA) to launch a range of investment and support programs focused on startups.
- 500 Global has appointed Cairo-based Amal Enan as a partner to oversee transaction-related activities in the country.
- 500 Global has been investing in Egypt for a decade and has backed over 60 Egyptian startups, including MaxAB, Homzmart, and Breadfast.
Egypt: 500 Global, one of the world’s most active venture capital firms, is partnering with the Egyptian IT Industry Development Agency (ITIDA) to bring a range of programs to Cairo for the strategic purpose to stimulate the country’s evolving startup ecosystem. 500 Global will open an office in Egypt, its first ever on the African continent.
Over a three-year period, 500 Global will deploy three distinct programs that will support nearly 200 startups and around 60 accelerator managers thanks to its team of expert program managers, investors and mentors. They understand:
1- A Bootcamp for companies in the start-up phase
2- A “Scale-Up” program with planned investments for participating companies in the pre-series A
3- A bootcamp for accelerator managers
The Egyptian startup ecosystem has established itself as one of the African “big four” in a very short time. Its startups have attracted nearly $500 million in venture capital funding in 2021, more than double the amount in 2020. The 500 Global-ITIDA deal, attested by Egypt’s Minister of Communications and Information Technology , aims to provide promising Egyptian startups with the tools they need. need to succeed and train aspiring accelerator managers, creating the conditions to foster a regional community of innovators.
Commenting on the agreement, Egypt’s Minister of Communications and Information Technology, Dr. Amr Talaat, said: “The partnership is in line with the ministry’s desire to establish cooperation with key global players to build a inclusive and strong network of experts and investors, aiming to accelerate growth. of the local start-up sector and stimulate innovation-based entrepreneurship.
Talaat noted that this cooperation is a continuation of a series of efforts to nurture and grow startups as well as MCIT’s plans to build and create a vibrant startup community in innovation hubs. creatives spread across Egypt with almost EGP 5 billion of investment. 500 Global has been investing in Egypt for a decade and has investments in over 60 Egyptian startups including MaxAB, Homzmart and Breadfast.
“We are thrilled to partner with ITIDA to bring the world-class programs of 500 Global, which have produced eight of our 49 unicorns, and a risk education program designed for accelerator managers. As long-time investors in the country, we have the utmost confidence in the potential of the Egyptian market and seek to be a key enabler of its rapidly growing ecosystem,” said Courtney Powell, Chief Operating Officer and managing partner of 500 Global.
As part of its broader strategy, 500 Global has appointed Amal Enan as a partner, based in Cairo, overseeing transaction-related activities in the country. Enan has been investing in Egyptian startups for eight years and helping them grow. His experience includes roles at the American University in Cairo, Global Ventures, Egyptian American Enterprise Fund, Egyptian Ministry of Finance, EFG Hermes and IFC. “With her deep market knowledge and investment experience, Amal Enan will be an important driver of our investment strategy in Egypt, as we welcome her to her role as a partner,” added Courtney Powell.
For his part, Dr. Hossam Othman, Vice President of the Information Technology Industry Development Agency (ITIDA), said that ITIDA seeks through this agreement to empower the local entrepreneur community. and to encourage them to launch their innovative projects and startups in collaboration with a global group. well-known venture capital firm, such as 500 Global. Othman added that the 500 Global office will be located at the Digital Egypt Innovation Hub Creativa in Giza, which encompasses the state-of-the-art business environment and the highest standards for launching successful startups.
“500 Global actively supports Egyptian startups, and our partnership with ITIDAserves reinforces our commitment to founders as they mature. I am extremely excited to join the 500 Global team and be part of their mission to uplift people and economies through entrepreneurship as this new chapter unfolds,” said Amal Enan.
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