Orange Egypt is making significant strides in Africa’s startup landscape with a substantial investment of $52.7 million aimed at fostering a youth-centric technological revolution. This investment follows closely after the telecom giant inked an agreement with the Egyptian government to initiate the second phase of its 5G licensing rollout.
To date, over 40 startups have secured funding, with the majority being Egyptian enterprises. This influx of capital is a significant boost for Egypt’s burgeoning entrepreneurial ecosystem and brings the country closer to solidifying its position as a leading startup hub in Africa.
Egypt’s startup sector is already robust, ranking as the third most funded nation in the MENA region. The statistics are impressive: in 2022, Egyptian startups secured 143 funding deals totaling nearly $766.7 million, surpassing the $606.79 million raised in the previous year.
Additionally, with over 2,100 startups employing more than 50,000 individuals, Egypt’s ecosystem ranks among the top 10 emerging startup hubs globally. The Egyptian government is fully committed to this growth. Since the launch of initiatives like Egypt Ventures in 2017, they have been actively supporting startups to drive innovation and expansion in the tech sector.
Orange Egypt’s recent investment further accelerates this momentum, creating more opportunities and strengthening the startup culture across Africa.
