500 Global To Open Office and Run Program In Egypt, Partners ITIDA

500 Global To Open Office and Run Program In Egypt, Partners ITIDA

With 54 countries and a population of 1.216 billion people, Africa is continually getting attention these days. Investors are repeatedly investing in African Startups; multinational companies are opening continental headquarters, while some organizations are initiating accelerator programs for local talents. It seems the word that the continent is still untapped is proving to be true.

To support this claim, a US-based VC firm, 500 Global VC is set to open its office in North Africa, Egypt. This is after it partnered with the nation’s body in charge of its technology development activities, the Egyptian IT Industry Development Agency (ITIDA).

500 Global is an early-stage focused VC and seed accelerator firm. The organization was established back in 2010 by Dave McClure and Christine Tsai. The mission is to provide strategic support for startups through investments or accelerator programs.

Asides from its intention to open an office in Egypt, the VC firm also proposes to initiate two types of programs namely the “scale-Up” program and the boot camp program. Each program targets Series A companies and Accelerator managers accordingly.

Although this is 500 Global first office on the continent, this is not the VC firm’s first interest or relationship with African startups. Recently the firm partnered with Gesellschaft für Internationale Zusammenarbeit (GIZ), Germany’s economic development agency to train different accelerator leaders from 10 African nations. The firm revealed the partnership and training intentions a few weeks ago.

According to reports, the 2-year training project in Africa will provide sustainable business models that can positively influence the ecosystem of the chosen countries.

Over a year ago, 500 Global was rebranded from 500 Startups in other to appear more as a venture firm. Simultaneously it launched an investment fund worth $140 million, targeting later-stage companies.

It would appear that 500 is intent on promoting its venture capitalist qualities as its investment and training cut across various stages of business development.

While fielding questions about its expansion to Egypt, 500’s Chief Operating Officer and Managing Partner, Courtney Powell, said “We are thrilled to partner with ITIDA to bring 500 Global’s world-class programmes, which have produced eight of our 49 unicorns, and a venture education programme tailored for accelerator managers. As long-time investors in the country, we have the utmost confidence in the potential of the Egyptian market and look to be a key enabler of its fast-growing ecosystem,”