ITIDA partners with 500 Global to amplify Egypt’s startup ecosystem

ITIDA partners with 500 Global to amplify Egypt’s startup ecosystem

Cairo, Egypt: Egypt’s IT Industry Development Agency (ITIDA) is partnering with 500 Global, one of the world’s most active venture capital firms, to bring the latter its range of programs to Cairo with the strategic aim of boosting the country’s evolving startup ecosystem. 500 Global will be opening an office in Egypt, its first ever on the African continent.

Over a period of three years, 500 Global will deploy three separate programs that will support nearly 200 startups and around 60 accelerator managers thanks to its team of expert program managers, investors, and mentors. They include:

- A bootcamp for seed-stage companies

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

- A bootcamp for accelerator managers

The Egyptian startup ecosystem has established itself as one of Africa's “big four” in a very short amount of time. Its startups have attracted nearly $500 million in venture capital funding in 2021– more than twice the amount in 2020. The 500 Global-ITIDA agreement, witnessed by 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.

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