In order to help Egyptian tech startups, especially those in the seed or pre-Series A stages, scale their operations and improve their global competitiveness, the Information Technology Industry Development Agency (ITIDA) of Egypt and venture capital firm Flat6Labs have launched the InvestIT program.
With the help of startups in different governorates, the program, which is administered by the Technology Innovation and Entrepreneurship Center (TIEC), a division of ITIDA, will promote innovation and expansion in Egypt’s digital economy. It will connect local and foreign investors with startups after preparing them for investment through customized workshops and training sessions.
“The Egyptian government remains steadfast in its dedication to cultivating a thriving tech startup ecosystem. We are rolling out diverse initiatives to equip entrepreneurs with essential skills, attract global incubators, and facilitate connections between startups and investors. By establishing Digital Egypt innovation hubs nationwide, we empower innovators to transform their ideas into successful ventures. Alongside this, we are streamlining processes and investing in advanced digital infrastructure, positioning Egypt among the top three countries in the Middle East and Africa for tech startup investments,” said Dr Amr Talaat, Egypt’s minister of communications and information technology.
Hany El Sonbaty, the founder and chairman of Flat6Labs, stated that the introduction of the InvestIT program increased the company’s assistance for Egyptian business owners.
“This programme is not just about preparing startups for investment; it’s about equipping them with the tools and connections to scale their impact. Through our collaboration with ITIDA and TIEC, we’re committed to building a strong, vibrant ecosystem where startups can make a real impact on the tech landscape in Egypt,” he said.
Over the course of six to eight months, the program is expected to assist 12 startups. To improve their investment readiness and help with data room setup and investor engagement, each startup will receive customized consulting services.
Startups that meet the eligibility requirements must have a scalable product or service, be in the seed or pre-Series A stage, and have been in business for at least two years.
