500 Global opens office in Egypt, partners with ITIDA to launch support programs for local startups
- US-based venture capital firm Global 500 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 programs. support focused on investment and start-up.
- 500 Global has appointed Cairo-based Amal Enan as a partner to oversee deal-related activities in the country.
- Global 500 has been investing in Egypt for a decade and has backed more than 60 Egyptian startups including MaxAB, Homzmart and Breadfast.
Egypt: Global 500, 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 with the strategic objective of boost the country’s evolving emerging ecosystem. 500 Global will open an office in Egypt, the first on the African continent.
Over a three-year period, 500 Global will implement three separate programs supporting nearly 200 startups and around 60 accelerator managers through its team of expert program managers, investors and mentors. They include:
1- A Bootcamp for companies in the seed stage
2- A “Scale-Up” program with investments planned for the participating companies of the Pre-Series A
3- A bootcamp for accelerator managers
The Egyptian startup ecosystem has established itself as one of Africa’s “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 Global 500-ITIDA deal, witnessed by Egypt’s Minister of Communications and Information Technology, seeks to provide promising Egyptian startups the tools they need. they need to succeed and train aspiring accelerator managers, thus 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 stems from the Ministry’s enthusiasm to establish cooperation with key global players to build an inclusive and strong network of experts and investors, with the aim of accelerating the growth of the local startup sector and promoting entrepreneurship based on innovation”.
Talaat noted that this cooperation is a continuation of a series of efforts to nurture and enhance startups along with MCIT’s plans to build and create a vibrant startup community in creative innovation hubs spread across Egypt with an investment of almost 5,000 million EGP. Global 500 has been investing in Egypt for a decade and has investments in more than 60 Egyptian startups, including MaxAB, Homzmart and Breadfast.
“We are delighted to partner with ITIDA to bring the world-class programs of Global 500, which have produced eight of our 49 unicorns, and a business 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 look to be a key enabler of its fast-growing ecosystem,” said Courtney Powell, COO and Managing Partner of 500 Global.
As part of its expanded strategy, 500 Global has appointed Amal Enan as a partner, based in Cairo, to oversee deal-related activities in the country. Enan has been investing in Egyptian startups for the past eight years and helping them scale. Her experience includes roles at the American University of Cairo, Global Ventures, the Egyptian American Enterprise Fund, the Egyptian Ministry of Finance, EFG Hermes, and the 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 in 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 community of local entrepreneurs and encourage them to launch their projects and innovative startups in collaboration with a global network. renowned venture capital firm, such as 500 Global. Othman added that the Global 500 office will be located at the Digital Egypt Creative Innovation Hub in Giza, which embraces the cutting-edge business environment and the highest standards for launching successful startups.
“Global 500 has actively supported Egyptian startups, and our partnership with ITIDAserves reinforces our commitment to founders as they mature. I am incredibly excited to join the Global 500 team and be part of their mission to improve people and economies through entrepreneurship as this new chapter unfolds,” said Amal Enan.