Egypt: ICT development agency and 500 Global collaborate to develop local tech industry
In recent years, the Egyptian start-up sector has really flourished. In order to achieve better results, the government is committed to supporting this ecosystem, which is leading investors to show increasing interest in these companies.
The Egyptian Information Technology Industry Development Agency (ITIDA) announced on Friday, November 25, the signing of a partnership agreement with 500 Global, one of the world's most active venture capital firms. The three-year agreement will allow the company to open an office in Egypt, its first ever in Africa, and build capacity for 200 start-ups as well as create an investment fund to support start-ups in Egypt.
" We are delighted to partner with ITIDA to offer 500 Global's world-class programs, which have produced eight of our 49 unicorns, as well as a tailored risk education program for gas pedal leaders. As long-time investors in the country, we have the utmost confidence in the potential of the Egyptian market and want to be a key part of its growing ecosystem," said Courtney Powell (pictured, left), COO and Managing Partner of 500 Global.
Indeed, Egypt's startup ecosystem has emerged as one of the four largest in Africa in a very short period of time. These startups have attracted nearly $500 million in venture capital funding in 2021, more than double the amount in 2020. They have also enabled the development of key sectors such as public transport, alternative and renewable energy, agribusiness and e-commerce.
The agreement signed aims to provide promising startups based in Egypt with the tools they need to succeed, and to train managers of budding gas pedals, creating the conditions necessary to foster a regional community of innovators.
According to Amr Talaat (pictured, center), Egypt's Minister of Communications and Information Technology, the partnership is part of the ministry's commitment to establishing cooperation with key global players. This with the aim of " creating an inclusive and robust network of experts and investors, in order to accelerate the growth of the local start-up sector and stimulate innovation-based entrepreneurs hip," he said.