The Information Technology Industry Development Agency (ITIDA) and Flat6Labs have launched the IT Invest program aimed at supporting tech-enabled startups in Egypt. The initiative was witnessed by Amr Talaat, Minister of Communications and Information Technology, who noted that Egypt ranks among the top three countries in the Middle East and Africa for attracting investments in tech startups.
The IT Invest program is designed to equip startups in the communications and information technology sector that are in the seed funding or pre-Series A stages for investment opportunities across various governorates in Egypt. According to a statement from the Egyptian Ministry of Communications and Information Technology, the program aims to enhance these startups’ ability to attract funding, expand their operations, and contribute to the country’s economic growth.
The program will be implemented in two phases. The first phase focuses on preparing participating startups for investment through intensive training sessions, workshops, and advisory meetings, along with providing essential tools and resources. The second phase will facilitate networking between participating startups and potential investors.
The program aims to assist 12 startups by enrolling them in both phases over a period of six to eight months. By the end of the training, these companies will be equipped to secure investments and connect with both local and international investors, all under the guidance and support of the program’s team.
Participating companies must be in the seed funding or pre-Series A stages, have a scalable product or service, be registered for at least two years prior to the program’s start date, and have a founding team consisting of at least two members.
Flat6Labs is a key player in early-stage financing and venture capital investment in the region. As of 2020, Flat6Labs has successfully nurtured and financed 106 startups with a total fund of EGP 100 million.
ITIDA, founded in 2004, serves as the executive branch of the Egyptian Ministry of Communications and Information Technology. The authority recently signed a memorandum of understanding (MoU) in August with Informatique to boost information and communications technology (ICT) training in Egypt.
