Silicon Valley-based Plug and Play to invest in Egypt’s startup ecosystem
Plug and Play to partner with ITIDA to develop Egyptian startups: Silicon Valley-based early-stage investor and accelerator Plug and Play will launch a new startup accelerator and an incubator in Egypt in partnership with the Information Technology Industry Development Agency (ITIDA), the Communications Ministry said in a statement yesterday. Under the three-year agreement signed yesterday, Plug and Play will launch a new accelerator program that will run two cycles each year, targeting a total of 60 companies. The incubator will provide support to 60 early-stage startups each year split into two cycles. These will be run by a new company to be set up in Cairo by Plug and Play and ITIDA.
The program aims to help its startups attract USD 20 mn in investments over the three-year period, in addition to creating at least 500 jobs.
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Egyptian fintech startup Paynas will provide digital financial services to clients of E3lany after inking an agreement with the state-owned mobile and digital advertising firm yesterday, according to a cabinet statement. Under the partnership, E3lany will provide a range of financial services to taxi drivers, including allowing them to process fares digitally, apply for loans to buy spare parts, and advertise their services online. The statement claims the agreement will helo generate more than EGP 1 bn worth of business in the first year.