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VC firm 500 Global opens office in Egypt, partners with ITIDA

VC firm 500 Global opens office in Egypt, partners with ITIDA
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Cairo - Mubasher: US-based 500 Global is partnering with the Egyptian IT Industry Development Agency (ITIDA) to launch a range of investment and startup-focused support programmes.

500 Global, one of the world’s most active venture capital (VC) firms, will be opening an office in Egypt, its first ever on the African continent, according to a recent press release.

Over three years, 500 Global will deploy three separate programmes that will support about 200 startups and around 60 accelerator managers thanks to its team of expert programme managers, investors, and mentors.

Egypt's Minister of Communications and Information Technology, Amr Talaat, said: “The partnership comes within the Ministry’s keenness to establish cooperation with key global players to build an inclusive and robust network of experts and investors, aiming to accelerate the growth of the local startup sector and boost the innovation-based entrepreneurship.

Talaat noted that this cooperation is a continuation of a series of endeavors to nurture and upscale startups along with MCIT’s plans to build and create a vibrant startup community at the creative Innovation Hubs spread across Egypt with nearly EGP 5 billion of investment. 500 Global has been investing in Egypt for a decade and has investments in more than 60 Egyptian startups, including MaxAB, Homzmart, and Breadfast.

Courtney Powell, 500 Global’s Chief Operating Officer and Managing Partner, stated: We are thrilled to partner with ITIDA to bring 500 Global’s world-class programs, which have produced eight of our 49 unicorns, and a venture education programme tailored for accelerator managers. As long-time investors in the country, we have the utmost confidence in the potential of the Egyptian market and look to be a key enabler of its fast-growing ecosystem.” 

As part of its expanded strategy, 500 Global has named Amal Enan as a 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 (AUC), Global Ventures, the Egyptian Ministry of Finance, and EFG Hermes.