500 Global and Information Technology Industry Development Agency (ITIDA) signed a three-year cooperation agreement to open the first headquarters for the VC firm in Egypt and Africa.
Over a period of three years, 500 Global will deploy three separate programs that will support nearly 200 startups and around 60 accelerator managers. The three programs will be a bootcamp for seed-stage companies, a “Scale-Up” program with investments anticipated for participating Pre-Series A companies and a bootcamp for accelerator managers.
Egypt’s Minister of Communications and Information Technology, Amr Talaat attended the ceremony and he in the press statement asserted that, “The partnership comes within the Ministry’s keenness to cooperate with major companies to build network for experts, investors and companies in order to develop startups and entrepreneurs working in the technology field.”
500 Global is a venture capital firm that invests in founders building fast-growing technology companies. It focuses on markets where technology, innovation, and capital can unlock long-term value and drive economic growth. The VC firm has been investing in Egypt for a decade and has investments in more than 60 Egyptian startups, including, MaxAb, Homzmart, and Breadfast.
Amal Enan has been appointed by 500 Global as a Partner, based in Cairo, overseeing deal-related activities in the country.
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