At the launch of the first edition of Invest-IT, a nationwide initiative run by the Technology Innovation and Entrepreneurship Center (TIEC), a division of the Information Technology Industry Development Agency (ITIDA), 15 Egyptian tech startups showcased their innovations with the goal of increasing local tech startups’ readiness for investment.
The goal of the Invest-IT program, which was started in partnership with Flat6Labs, the top seed and early-stage venture capital firm in the MENA region, is to improve the investment readiness of tech startups in the seed and pre-Series A stages.
It targets up-and-coming business owners in different Egyptian governorates with the goal of assisting them in obtaining capital, growing their enterprises, and using innovation to promote sustainable economic growth.
“The Invest-IT programme represents a pivotal milestone in our efforts to empower Egyptian startups during their most critical phase – investment readiness. At ITIDA, we are deeply committed to building a resilient and inclusive technology ecosystem that not only nurtures innovation but also equips startups to scale and compete on a global stage,” said Ahmed El-Zaher, CEO of ITIDA.
“Our strategy is holistic – starting from igniting a culture of innovation within universities, scaling up our nationwide Digital Egypt Innovation Hubs (Creativa), and delivering future-ready digital skills, all the way to facilitating access to essential funding and investment for scaling through strategic private-sector partnerships.”
Eight of the 15 featured startups in the first edition were part of the seed cohort, including the fleet management startup, the cybersecurity platform The White Guard, and the AI financial services company Dragify. Logistics service, HNDL Skoolix, an e-learning platform, Turuq, and a prop-tech startup KENNAH, Atoms AI, an AI-powered semiconductor inspection service, and PhotonSmart, a manufacturer of smart home appliances.
AI-based digital identity verification service Valify, waste management platform Mrkoon, AI-powered data intelligence solution Qubefyn, venue-booking and management platform Venu, insurtech startup Amanleek, enterprise AI solution provider LyRise, and location-based digital services provider Hoopoe Digital comprised the pre-Series A cohort, which included seven startups with established business models.
