Global VC firm 500 Global has partnered the Egyptian IT Industry Development Agency (ITIDA) to run various programmes as part of a comprehensive ecosystem strategy that also sees it open an office in the country and appoints Amal Enan as partner in Egypt.
500 Global is a venture capital firm with US$2.7 billion in assets under management, while ITIDA is the executive arm of the Egyptian Ministry of Communications and Information Technology (MCIT), aimed at spearheading the development of Egypt’s IT industry.
The partnership between the two will bring a range of programmes to Cairo with the strategic aim of boosting the country’s evolving startup ecosystem. 500 Global will be opening an office in Egypt, its first ever on the African continent.
Over a period of three years, 500 Global will deploy three separate programmes that will support nearly 200 startups and around 60 accelerator managers. Those are a bootcamp for seed-stage companies, a “scale-Up” programme with investments anticipated for participating pre-Series A companies, and 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, with her experience including roles at the American University in Cairo, Global Ventures, the Egyptian American Enterprise Fund, the Egyptian Ministry of Finance, EFG Hermes, and the IFC.
“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,” said Egypt’s Minister of Communications and Information Technology, Dr Amr Talaat.
“We are thrilled to partner with ITIDA to bring 500 Global’s world-class programmes, 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,” said Courtney Powell, 500 Global’s chief operating officer and managing partner.