US-based venture capital firm 500 Global is set to open an office in Egypt and has already partnered with Information Technology Industry Development Agency (ITIDA) to launch a range of investment and startup-focused support programmes.
500 Global is one of the world’s most active venture capital firms and will be opening an office in Cairo, its first ever on the African continent.
Over 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:
1- A bootcamp for seed-stage companies
2- A “Scale-Up” program with investments anticipated for participating Pre-Series A companies
3- A bootcamp for accelerator managers
As part of its expanded strategy, 500 Global has appointed Amal Enan as Partner, based in Cairo, overseeing 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 in Cairo, Global Ventures, the Egyptian American Enterprise Fund, the Egyptian Ministry of Finance, EFG Hermes, and the IFC.
Egypt has the fourth largest startup ecosystem in Africa, after South Africa, Nigeria, and Kenya. Its startups have attracted nearly $500 million in venture capital funding in 2021– more than twice the amount in 2020. The 500 Global-ITIDA partnership 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.
500 Global has been investing in Egypt for a decade and has investments in more than 60 Egyptian startups, including MaxAB, Homzmart, and Breadfast.
