This past week 500 Global announced it will open an office in Cairo, our first on the African continent, and named Amal Enan Partner, marking a big step toward expanding our presence in Egypt and MENA.
This news, along with a new partnership with Egypt’s Information Technology Industry Development Agency (ITIDA) to launch three separate programs for startups and accelerator managers, deepens our commitment to the phenomenal founders who have made Egypt one of the most vibrant startup scenes in the Middle East and Africa.
As investors in the country for nearly a decade, we’ve witnessed that first-hand. 500 Global already has investments in more than 60 companies, such as MaxAB, Homzmart, Breadfast and MoneyFellows.
Finding talented founders around the world and giving them the tools to flourish has been 500’s motivation from the start. As the Arab world’s most populous country, Egypt has a strong talent pool that is moving past the “clone” stage of startup ecosystem development and into a stage of creating unique concepts. Our partnership with ITIDA aims to develop that talent even further through signature 500 bootcamps for seed-stage companies, “Scale-Up” programs for Pre-Series A companies, and bootcamps for accelerator managers.
We are thankful for the Egyptian founders who have let us play a small role in their journey in a decade that has seen investments in Egyptian startups grow significantly. Last year alone, venture funding rose 168% year-over-year.
Amal joins us in our next chapter in the country as an investor deeply experienced in the market. We could not be happier to add another incredible woman to our team in MENA.
Stay tuned as we look forward to investing in more promising Egyptian founders to foster regional and global success!
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