Orange Egypt is making a significant impact on Africa’s startup ecosystem, with a bold $52.7 million investment aimed at sparking a youth-driven tech revolution. This move comes shortly after the telecommunications giant signed a deal with the Egyptian government to advance the second phase of its 5G licensing rollout.
The investment has already benefited over 40 startups, the majority of which are based in Egypt, further boosting the nation’s growing entrepreneurial landscape. This aligns with Egypt’s ambition to establish itself as a leading startup hub in Africa.
Egypt’s startup scene is already thriving, ranking as the third most funded country in the MENA region. In 2022, Egyptian startups secured 143 funding deals totaling nearly $766.7 million, surpassing the previous year’s $606.79 million. The country is also home to over 2,100 startups, employing more than 50,000 individuals, solidifying its position as one of the world’s top 10 emerging startup hubs.
The Egyptian government has been a key player in this growth, supporting initiatives like Egypt Ventures, launched in 2017, which continues to foster innovation and economic growth in the tech sector.
