500 Global is a venture capital firm with $2.7B in assets under management that invests in founders building fast-growing technology companies. They are focused on markets where technology, innovation, and capital can unlock long-term value and drive economic growth.

500 Global collaborates closely with key stakeholders and advises governments on how to best support entrepreneurial ecosystems so that startups can thrive. 500 Global has invested in over 5,000 founders representing over 2,700 companies in 81 countries. The Global 500 have invested in 49 companies worth over $1 billion and 150+ companies worth over $100 million.

The Egyptian Ministry of Communications & Information Technology's executive arm is the IT Industry Development Agency (ITIDA) (MCIT).

ITIDA’s core ideology has been spearheading the development of Egypt's IT industry in order to increase its global competitiveness and make it a key contributor to the country's economic growth since its inception in 2004.

ITIDA collaborates with distinguished public and private stakeholders, including universities, multinationals, accelerators, incubators, and investors, to nurture and support the development of rising tech and tech-enabled startups.

On November 28, 2022, 500 Global, one of the biggest venture capital firms in the world, partnered with the Egyptian IT Industry Development Agency (ITIDA) to bring a range of programs to Cairo with the strategic aim of boosting the country’s evolving startup ecosystem. 500 Global will be opening an office in Egypt, its first ever on the African continent.

It is partnering with the Egyptian IT Industry Development Agency (ITIDA) to offer a wide range of products and services. The program is designed to boost the country's growing startup ecosystem by bringing a variety of programs to Cairo. The company will open its first office on the African continent in Egypt.

Amal Enan is named Egypt partner in 500 Global's ecosystem strategy; the company will implement world-class investments and education programs.

With the help of 500 Global's team of experienced program managers, investors, and mentors, nearly 200 startups will be supported over a three-year period. They include:

1- A bootcamp for seed-stage companies

2- A “Scale-Up” program with investments anticipated for participating Pre-Series A companies

3- A bootcamp for accelerator managers

Egypt's startup ecosystem has become one of Africa's "big four" in a short period of time. In 2021, its startups raised nearly $500 million in venture capital funding, more than double the amount in 2020.

Through the 500 Global-ITIDA agreement, which Egypt's Minister of Communications and Information Technology witnessed, promising Egyptian startups will receive the tools they need to succeed and aspiring accelerator managers will receive training, creating the conditions for fostering innovation in the region.

According to Dr. Amr Talaat, Minister of Communications and Information

Technology

“The partnership comes within the Ministry’s keenness to

establish cooperation with key global players to build an inclusive and robust network of experts and investors, aiming to accelerate the growth of the local startup sector and boost innovation-based entrepreneurship.”

In addition to MCIT's plans to build and create a vibrant startup community at the Creativa Innovation Hubs spread across Egypt with nearly EGP 5 billion of investment, Talaat noted that this collaboration is a continuation of a series of efforts to mentor and upscale startups.

Over the past decade, 500 Global has invested in more than 60 companies in Egyptian startups, including MaxAB, Homzmart, and Breadfast.

In Courtney Powell, 500 Global's Chief Operating officer and Managing Partner words-

“We are thrilled to partner with ITIDA to bring 500 Global’s world-class programs, which have produced eight of our 49 unicorns, and a venture education program tailored for accelerator managers. As long-time investors in the country, we have the utmost confidence in the potential of the Egyptian market and look to be a key enabler of its fast-growing ecosystem”.

As part of its expanded strategy, 500 Global has appointed Amal Enan as Partner, based in Cairo, overseeing deal-related activities in the country.Enan has been investing in Egyptian startups and assisting them in scaling for the past eight years. Her previous positions include those at the American University in Cairo, Global Ventures, the Egyptian American Enterprise Fund, the Egyptian Ministry of Finance, EFG Hermes, and the IFC.

"Amal Enan will be an important driver of our investment strategy in Egypt, as we welcome her in her role as Partner," Courtney Powell added.

For his part, Dr. Hossam Othman, vice president of the Information Technology Industry Development Agency (ITIDA), stated that ITIDA aims to empower the local entrepreneurial community through this agreement and encourage them to start their projects and creative startups in partnership with a well-known venture capital firm, such as 500 Global.

Othman added that the 500 Global office will be situated in Giza's Digital Egypt Innovation Hub "Creativa," which promotes the most cutting-edge working environment and the highest standards for starting successful businesses.

"500 Global has a history of actively assisting Egyptian startups, and our collaboration with ITIDA serves to further solidify our dedication to founders as they develop.

As this new chapter develops, I'm immensely thrilled to join the 500 Global team and contribute to their aim to strengthen economies and people via entrepreneurship", said Amal Enan.