205 startups receive LE383.5M from Egypt Ventures over 7 years



Mon, 08 Jan 2024 - 12:49 GMT


Mon, 08 Jan 2024 - 12:49 GMT

CAIRO - 8 January 2024: Egypt Ventures has pumped over LE 383.5 million into more than 205 startup companies. These investments include LE 222.2 million being directly invested, while LE 166.3 million has been allocated as indirect investments.

Moreover, Egypt Ventures actively supports the growth and development of emerging businesses across various sectors through its strategic investments in three prominent business accelerators, including Falak Startups, Flat6Labs, and Fintech EFG EV.

This came during the meeting between the Minister of International Cooperation, Rania Al-Mashat, and the Chairman of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, to discuss enhancing joint cooperation between the Authority and development partners, and advancing international partnerships to support the emerging companies.

Egypt Ventures was founded in 2017 with capital from the Ministry of International Cooperation with a mandate to support and invest in startups across a diverse range of sectors.

In line with Egypt's strategy to boost the role of startup companies, Prime Minister, Mostafa Madbouly, took a step in May by establishing a dedicated unit within the Egyptian Cabinet tasked with proposing appropriate policies, laws, and regulations for the growth and prosperity of startups in Egypt.



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