Monday February 26th, 2024
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Egypt Ventures Invested $12 Million in Local Startup Ecosystem

Of the total investment portfolio, EGP 222.2 million has been allocated as direct investments.

Fadila Khalid

Egypt Ventures, the country's first government venture capital company, has invested more than EGP 383.5 million ($12.3 million) in 205 startups since its establishment seven years ago, according to an official statement from the Cabinet. Launched in 2017, Egypt Ventures is backed by the Ministry of International Cooperation and aims to support and invest in startups across various sectors.

Of the total investment portfolio, EGP 222.2 million has been allocated as direct investments, while EGP 166.3 million has been dedicated to indirect investments.

Egypt Ventures has been fostering startup growth by collaborating with three business accelerators: Falak Startups, Flat6Labs and Fintech EFG EV.

To support the growth and prosperity of local startups, Prime Minister Mostafa Madbouly established a dedicated permanent cabinet unit in June 2023. In December, Egypt secured the top spot in the Middle East and North Africa (MENA) region in terms of startup funding, with a total of $45.7 million.

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