US VC Openner is Looking to Invest in 50 Egyptian Startups
prolific Washington DC-based venture capital firm has its crosshairs on Egypt, as it looks to back pre-seed and seed stage startups through a new all-year-round accelerator program.
US venture capital firm, Openner, is now accepting applications from Egyptian startups for a new accelerator program aimed at local entrepreneurs. Headquartered in Washington DC, the VC has, since 2016, co-invested with the likes of YCombinator, Goldman Sachs and several other top-tier firms. It has invested in 100 startups in that same time period, building a portfolio with an aggregate value of $2.9 billion.
The accelerator in Egypt is looking specifically for pre-seed and seed stage startups with a ready minimum viable product. As has been the case for the majority of its investments, the VC’s accelerator program in Egypt aims to help startups become sustainable, resilient and scalable businesses.
What makes the program unique is that applications are open all year round and there is no set set acceleration program, per se. Instead, the chosen startups will be given customised program to tackle their individual needs, though there is a focus on product development, tech development and distribution.
“Openner is entering the Egyptian market because it believes in its geographic and cultural centrality, and its promising tech talent,” Founder and General Partner of Openner, Ash Rofail, said of the program. “We have a very strong and proven track record building companies that have exited or have become leaders in their target industries, with 10% of our portfolio companies exiting within three years of operation.”
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