US-based venture capital firm 500 Global is set to open an office in Egypt in partnership with Information Technology Industry Development Agency (ITIDA) to launch a range of investment and startup-focused support programmes, the company said in a press release.
Over a period of three years, the venture capital firm will deploy three separate programs that will support nearly 200 startups and around 60 accelerator managers in the country, with help from its team of expert program managers, investors, and mentors.
500 Global which is one of the largest and most active investors in emerging companies in the world has been investing in Egypt, for a decade and has backed more than 60 Egyptian startups, including MaxAB, Homzmart, and Breadfast. As part of its partnership with ITIDA, the company also added Amal Enan as a 500 Global Partner in Egypt.
The venture capital firm boasts $2.7 billion in assets under management and has backed over 5,000 founders representing more than 2,700 companies operating in 81 countries. The company has also invested in 49 companies valued at over $1 billion and 150+ companies valued at over $100 million (including private, public, and exited companies), according to data on its website.
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.