Back to the complete issue
Thursday, 23 September 2021

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.

ALSO FROM PLANET STARTUP-

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.