Tech

Egyptian VC Flat6Labs partners ITIDA to launch programme for tech startups

Published

1 week ago

November 12, 2024

Egyptian Venture Capital firm, Flat6Labs, has partnered with Egypt’s Information Technology Industry Development Agency (ITIDA) to launch an InvestIT programme which will offer tech startups in the country, particularly at the seed or pre-Series A stages, access to consultancy, tools, and investor connections to help them scale operations and enhance global competitiveness.

The programme, according to Egypt’s Minister of Communications and Information Technology, Dr Amr Talaat, will be run by the Technology Innovation and Entrepreneurship Center (TIEC), a subsidiary of ITIDA, and will support startups across various governorates, encouraging innovation and growth in Egypt’s digital economy.

“Through two phases, it will prepare startups for investment with tailored training sessions and workshops, followed by connecting them with local and international investors,” Talaat said in a statement.

“The Egyptian government remains steadfast in its dedication to cultivating a thriving tech startup ecosystem. We are rolling out diverse initiatives to equip entrepreneurs with essential skills, attract global incubators, and facilitate connections between startups and investors.

“By establishing Digital Egypt innovation hubs nationwide, we empower innovators to transform their ideas into successful ventures.

“Alongside this, we are streamlining processes and investing in advanced digital infrastructure, positioning Egypt among the top three countries in the Middle East and Africa for tech startup investments,” the Minister said.

Flat6Labs founder and chairman Hany El Sonbaty, who also spoke on the initiative, said the launch of the InvestIT programme has further expanded his company’s support for Egyptian entrepreneurs.

“This programme is not just about preparing startups for investment; it’s about equipping them with the tools and connections to scale their impact.

“Through our collaboration with ITIDA and TIEC, we’re committed to building a strong, vibrant ecosystem where startups can make a real impact on the tech landscape in Egypt,” he said.

The programme, he said, will support 12 startups over six-to-eight months with each startup receiving tailored consultancy services to enhance their investment readiness and assist with setting up data rooms and preparing for investor engagements.

Related Topics:Egypt Featured Flat6Labs Tech Venture Capital

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Tech

Tanzania to host 6th Ocean Innovation Africa summit in February

Published

15 hours ago

November 20, 2024

Isaac Dachen

Dar es Salaam, Tanzania, has been selected to host the sixth edition of the Ocean Innovation Africa (OIA) summit from February 24-28, 2025, as a flagship event within Regenerative Ocean Week.

The Ocean Innovation Africa is set to be Africa’s most significant platform for Ocean Innovation conservation, and sustainable development in the blue economy. OIA2025 will be co-organised with leading partners, including IUCN, GIZ, OceanHub Africa, Catalyze and the Ocean-Climate Platform.

With the theme, “Science-to-Solution”, the Regenerative Ocean Week will present a line-up of sessions designed to bridge the gap between scientific research, business innovation, policy, and community engagement.

According to the organizers of the event, it will bring together African ocean innovators, investors, researchers, policymakers, and community leaders to explore practical solutions that can be applied across the continent.

“These include the OIA Pitch Competition, which is a platform for Africa-based startups and entrepreneurs to showcase breakthrough ideas in ocean-impact solutions, allowing them to connect with investors and industry leaders and emphasizing Africa’s role in driving sustainable ocean initiatives,” the organizers said in a statement.

Tech

Orange Egypt earmarks $52.7m to support African startups

Published

2 days ago

November 19, 2024

Isaac Dachen

Orange Egypt has earmarked the sum of $52.7 million to support African startups in what is going to be the largest investment to drive a youth-focused tech revolution.

According to the company, the mammoth investment will see over 40 startups benefitting from the funds, with most of them being Egyptian companies.

‘It’s a boost for Egypt’s growing entrepreneurial ecosystem and a step closer to cementing its spot as a top startup hub in Africa,” the company said in a statement.

The investment is coming on the heels of the telco signing a deal with the Egyptian government to roll out the second phase of its 5G licensing.

The statement noted that with Egypt’s startup game already strong and ranking as the third most funded country in the MENA region, “the numbers speak for themselves.”

“In 2022, Egyptian startups closed 143 funding deals worth nearly $766.7 million, outpacing the $606.79 million raised the year before.

“Plus over 2,100 startups employing more than 50,000 people, the country’s ecosystem is one of the top 10 emerging startup hubs globally.

“The Egyptian government is all in on this. And since launching initiatives like Egypt Ventures in 2017, they’ve been backing startups to drive innovation and growth in the tech space.

“Orange Egypt’s latest move only adds fuel to this already blazing fire, paving the way for more opportunities and a stronger startup culture across Africa,” it added.