MSMEDA Invests $3M in Foundation Ventures Fund to Aid Egypt’s Startups

The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has signed a $3 million investment agreement with Foundation Ventures Fund to support Egyptian startups. This initiative, under MSMEDA’s investment program in collaboration with the World Bank, aims to foster innovation, boost competitiveness, and contribute to the growth of Egypt's entrepreneurial ecosystem. It marks a milestone as the country's first Fund of Funds program, channeling capital to local, regional, and international funds that back early-stage startups.

The program aligns with Egypt’s Vision 2030 by promoting a diversified and competitive economy. By providing essential financing, it hopes to enable startups to develop their products, expand into local and regional markets, and create job opportunities, driving economic progress.

MSMEDA’s continued partnerships with international stakeholders underscore its dedication to empowering startups and ensuring a supportive environment for their success.