What's Hot

    Gameball raises USD 3.5 million in funding

    February 8, 2023

    Tawseel secures investment from Numu Capital

    February 7, 2023

    Google launches Women Founders Africa Program

    February 6, 2023
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      KarmSolar receives USD 3 million to develop Farafra Solar Grid

      January 11, 2023

      AD Ports Group reports strong growth

      January 3, 2023

      Hyosung Heavy Industries to start construction on South African energy storage project

      December 12, 2022
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Free trade: Qatar and Morocco conclude second round of talks

      January 31, 2023

      Gold-for-oil: Ghana attempts to address forex pressures

      January 18, 2023

      AD Ports Group reports strong growth

      January 3, 2023
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      Social investment platform InvestSky raises USD 3.4 million

      Business Entrepreneurship Finance January 12, 2023
      Recent

      Social investment platform InvestSky raises USD 3.4 million

      January 12, 2023

      African startups face challenges in 2023

      January 10, 2023

      MENA startups raised USD 125 million in December

      January 6, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Innovation

    500 Global opens Egyptian offers, partners with ITIDA

    November 30, 20223 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    500 Global
    Amal Enan has been appointed as a Partner at 500 Global and will be based in Cairo.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    500 Global, a US-based VC firm, has partnered with ITIDA to launch investment and startup focused programs.

    500 Global, a leading US venture capital firm, is partnering with the Egyptian IT Industry Development Agency (ITIDA) to create a range of programs that will support Egypt’s startup ecosystem. 500 Global will also open an office in Egypt, the company’s first in Africa.

    Over three years, 500 Global will create three programs to support nearly 300 startups and 60 accelerator managers with support from its program managers, investors, and mentors.

    500 Global programs

    500 Global’s programs will include:
    1- A Bootcamp for seed-stage companies

    2- A “Scale-Up” program with investments anticipated for participating Pre-Series A companies

    3- A bootcamp for accelerator managers

    Egypt’s startup environment

    Egypt’s startup environment is often referred to as one of Africa’s ‘big four’ in terms of investments and FDI. The country consistently ranks highly in regional startup funding and Egyptian investors are one of the most active sources of funding in the MENA region. Egypt’s startups attracted nearly USD 500 million in venture capital funding in 2021 – more than twice the amount raised in 2020.

    The agreement

    The 500 Global-ITIDA agreement, witnessed by Dr. Amr Talaat, 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.

    Commenting on the agreement, Dr. Talaat said, “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.”

    500 Global has been investing in Egypt for a decade and has investments in more than 60 Egyptian startups, including MaxAB, Homzmart, and Breadfast.

    “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.

    Amal Enan’s appointment

    As part of its move into Egypt, 500 Global has appointed Amal Enan as a Partner. Enan will be based in Cairo, overseeing deal-related activities in the country. Enan has been actively investing in Egyptian startups for the past eight years and helping them scale. Her experience includes roles at the American University in Cairo, Global Ventures, the Egyptian American Enterprise Fund, the Egyptian Ministry of Finance, EFG Hermes, and the IFC. “With her deep knowledge of the market and investment experience, Amal Enan will be an important driver of our investment strategy in Egypt, as we welcome her in her role of Partner,” added Powell.

    500 Global Egypt investment ITIDA Startups
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleFenix Games raises USD 150 million in funding
    Next Article Green hydrogen – Inaugural South African summit is held

    Related Posts

    Business Innovation

    Gameball raises USD 3.5 million in funding

    February 8, 2023
    Business Startups

    Tawseel secures investment from Numu Capital

    February 7, 2023
    Business Innovation

    Google launches Women Founders Africa Program

    February 6, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    LATEST STORIES

    Gameball raises USD 3.5 million in funding

    February 8, 2023

    Tawseel secures investment from Numu Capital

    February 7, 2023

    Google launches Women Founders Africa Program

    February 6, 2023

    Zurich Innovation Championship goes live

    February 3, 2023

    MNT-Halan valued at USD 1 billion

    February 2, 2023
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.