In a press release, 500 Global said it would open an office in Egypt in partnership with the Information Technology Industry Development Agency (ITIDA) to launch several investment and startup support programs.
With the help of its expert program managers, investors, and mentors, the venture capital firm will run three separate programs over three years. These programs will help nearly 200 startups and about 60 accelerator managers.
500 Global, one of the most prominent and active investors in new companies in the world, has been investing in Egypt for ten years and has backed more than 60 Egyptian startups, such as MaxAB, Homzmart, and Breakfast. Amal Enan was added as a 500 Global Partner in Egypt as part of the company’s partnership with ITIDA.
The venture capital firm manages $2.7 billion in assets and has helped more than 5,000 founders start more than 2,700 companies in 81 countries.
According to data on its website, the business has also invested in 49 companies worth more than $1 billion and 150+ companies worth more than $100 million (including private, public, and departed companies).
The partnership with ITIDA will empower the community of local entrepreneurs in the country and encourage them to launch their projects and innovative startups in collaboration with a globally renowned venture capital firm.