500 Global, one of the world’s most active venture capital firms, in collaboration with the Information Technology Industry Development Authority (ITIDA), has officially announced the inaugural cohort of their business growth program in Egypt, aptly named “ScaleUp.”
This groundbreaking “ScaleUp” program, designed specifically for startups in the financing and seed stage (A) financing, spans a duration of seven weeks. Its primary aim is to empower these budding companies’ founders through individualized guidance and the introduction of growth strategies, thus paving the way for their future success.
Set to commence on November 16, the Scale Up Showcase will be a momentous event celebrating the remarkable progress made by founders and their companies across various sectors such as fintech, marketing technology, real estate, logistics, and supply chain, among others. The event will feature presentations and discussions attended by an audience that includes key stakeholders and partners.
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Amal Anan, a partner at 500 Global, commended the resilience of Egyptian company founders who, despite the challenges posed by the global and local economies, have proven that Egypt remains a thriving technology market in the Middle East and Africa. The “ScaleUp” program, she noted, boasts a cadre of capable individuals who are contributing to the development of flexible, high-capability companies. The program’s ultimate goal is to create a supportive environment for selected leaders, enabling sustainable growth and expanding their presence in their respective industries.
Anan expressed her gratitude for the ongoing partnership with ITIDA, highlighting the program’s ability to bring expert mentors and seasoned investors to Cairo to provide founders with the essential knowledge and experience required for the success of their ventures. The program’s broader mission is to nurture talent in the region, preparing them to contribute to local startups and facilitating their expansion and growth, ultimately sharing their unique business models and technologies with a global audience.
The program officially kicked off on October 1 at the Cretiva Center in Giza, one of Egypt’s Digital Innovation Centers, also known as the “Factory,” which is managed by ITIDA. The cohort embarked on a three-day retreat in Fayoum, delving into well-being and leadership development through empowerment activities, and fostering a sense of community among participants. This laid the foundation for greater engagement in the upcoming workshops organized and delivered by Global 500 mentors, covering topics such as growth experiences, sales and marketing, operational excellence, and recruitment.
The partnership between 500 Global, the Ministry of Communications and Information Technology, and ITIDA was initiated in 2022, with the goal of igniting innovation and boosting the startup ecosystem in Egypt. Dr. Hossam Othman, Vice President of ITIDA, underscored the authority’s commitment to supporting entrepreneurship throughout its entire lifecycle, emphasizing the significance of programs like “ScaleUp” in accelerating the growth of the Egyptian startup ecosystem and promoting innovation-based entrepreneurship. The collaboration brings together global leaders, experts, prominent companies, mentors, entrepreneurs, and potential founders, creating a dynamic startup community that enriches and advances the ecosystem to new heights.
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The program is set to culminate in the Scale Up Showcase on November 16 at the Cretiva Giza Center in Cairo. This exclusive event provides a platform for startup companies under the program’s umbrella to showcase their innovative projects. It also offers founders the opportunity to engage with the “Global 500” network, comprising leaders, partners, and key players from various sectors. The “Skillup Showcase” will feature startups delivering demonstrations and product introductions, along with keynote speeches by renowned international speakers, including Sean Ellis, author of “Hacking GrowthK.” Panel discussions will focus on both regional and global perspectives. A brunch hosted by Courtney Powell, Chief Operating Officer and Managing Partner at 500 Global, will bring together exhibition participants.
The program’s support extends for three months after the exhibition, allowing beneficiaries to access individual meetings with mentors and advisors, free office space at the “Cretiva” Giza Center for an entire year, and assistance in charting growth strategies for their companies, among other benefits.
The inaugural cohort of the program includes the following startups:
- Bird Nest: A company specializing in technology-enabled property development, operation, and leasing.
- Blink: A digital consumer finance platform leveraging artificial intelligence to promote financial inclusion in Egypt.
- ConvertedIn: An e-commerce marketing operating system utilizing data and shopper insights to create personalized multi-channel marketing.
- Dress Code: A direct-to-consumer fast fashion company offering affordable, high-quality clothing for young consumers.
- FriendiCar: Pioneers in the car subscription model among individuals in the Middle East and North Africa.
- ILLA: A logistics holding group providing comprehensive delivery solutions to consumer product companies.
- Khaznali: A multi-channel technology platform for logistics services.
- MQR: Offering high-quality, accessible gathering spaces with hospitality services and amenities.
- Nawlon: An online shipping platform facilitating global shipping options, instant quotes, and shipment tracking.
- Now Pay: A fintech startup focusing on employee financial well-being.
- 07 Therapy: Revolutionizing mental health through an integrated digital platform in the Middle East and North Africa region.
- Orcas: Providing live educational experiences for students from kindergarten to twelfth grade.
- Rology: A platform for diagnostic radiology experts enhanced by artificial intelligence.
- Spled: Building a digital platform for restaurant supply chains.
- Cylinder: A leading marketplace for used cars in Egypt, catering to consumers and dealers in buying, selling, and financing.
For those interested in participating in the exhibition, requests to attend can be submitted by registering through the website: https://thescaleupshowcase.splashthat.com.
500 Global: Global 500 is a venture capital firm with assets under management of $2.4 billion (as of the end of June 2023). It invests in the establishment of fast-growing technology companies, focusing on markets where technology, creativity, and capital can create long-term value and drive economic growth. The company collaborates closely with key stakeholders, providing guidance to government agencies on enhancing the entrepreneurial environment for startup success. Global 500 has supported over 5,000 founders from more than 2,800 companies in over 80 countries. It has invested in 35 companies with valuations exceeding a billion dollars and 160 companies valued at over 100 million dollars, including private and publicly traded firms. The company’s team, comprising over 200 employees, operates in more than 30 countries and possesses extensive experience in entrepreneurship, investment, and technology institutions.
Information Technology Industry Development Authority (ITIDA): ITIDA serves as the executive arm of the Egyptian Ministry of Communications and Information Technology. Since its establishment in 2004, ITIDA has been dedicated to advancing the Egyptian information technology sector to enhance global competitiveness and stimulate economic growth. Recognizing the vital role of technology-supported entrepreneurship in driving economic growth, ITIDA collaborates with various private and governmental entities, universities, international organizations, business accelerators, startup incubators, and investment entities to support the growth of startups in technical fields. This includes emerging companies focused on advanced technical solutions.
500 Scaleup Egypt 500 Scaleup Egypt 500 Scaleup Egypt
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard