Cairo- 4 November 2024:
Dr. Amr Talaat, ICT Minister , witnessed the launch of the Invest IT program, aimed at supporting tech startups. The program, introduced by the Technology Innovation and Entrepreneurship Center (TIEC), which is part of the Information Technology Industry Development Agency (ITIDA), comes in collaboration with Flat6Labs, a leading provider of early-stage venture capital in the Middle East and North Africa.
The program aims to empower Egyptian ICT and ICT-enabled startups at the seed funding stage or in pre-Series A across various governorates in Egypt. Invest IT program is designed to drive innovation, support startups, and contribute to Egypt’s economic growth.
The program is executed in two phases. The first phase focuses on preparing the participating startups for investment by providing a comprehensive set of training sessions, workshops, and advisory meetings tailored to each company, along with the essential tools and resources needed. The second phase of the program involves networking between the participating startups and a number of investors.
Dr. Amr Talaat, Minister of Communications and Information Technology, stated: “The Egyptian government is unwavering in its commitment to fostering a vibrant tech startup ecosystem. We are actively implementing a range of initiatives and programs that aim at upskilling entrepreneurs, attracting global incubators and accelerators, matchmaking startups with investors, and establishing Digital Egypt innovation hubs nationwide to empower entrepreneurs to turn their innovations into successful commercial ventures. We are actively working to simplify the establishment procedures and post-establishment processes, alongside investing in digital infrastructure. Egypt is among the top three countries in the Middle East and Africa for attracting investments in startup technology companies.”
Engineer Ahmed ElZaher, CEO of ITIDA, stated: “We are excited to join forces with Flat6Labs to accelerate the growth of Egyptian startups. By working together, we can create a more robust ecosystem and help startups scale and become globally competitive. This program is part of ITIDA’s ongoing efforts to support entrepreneurs at every stage of their journey starting from the initial idea to scaling and expansion into international markets.”
Hany El Sonbaty, Founder and Chairman of Flat6Labs, says, “With the launch of the InvestIT Program, we expand our support for Egyptian entrepreneurs—the innovators we’ve proudly supported since 2011. This program 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.”
The contracts for implementing the program were signed by Engineer Ahmed ElZaher, CEO of the Information Technology Industry Development Agency (ITIDA), and Mr. Hany El Sonbaty, Founder and Chairman of Flat6Labs, in the presence of Mr. Ahmed El-Alfi, Founder of Flat6Labs, and Ms. Dina El-Shenoufy, Chief Investment officer at Flat6Labs, along with several leaders from the Ministry of Communications and Information Technology, the Technology Innovation and Entrepreneurship Center (TIEC), and Flat6Labs.
The program is set to support 12 startups over a duration of 6 to 8 months. During this time, the program administrators will provide consultation and coaching services to each of the 12 selected startups, addressing elements related to their investment readiness. The program will also support these startups in setting up their data rooms, containing all relevant investment-related documents. A key focus will be on connecting the startups with potential investors, international and local, and supporting them in closing investment deals.
To be eligible, startups must be at the seed funding stage or in pre-Series A rounds and have a scalable product or service. Furthermore, applicants must have been registered for at least two years prior to the program’s start date, and the founding team should consist of two or more members.
For applications, please visit the website of the Program https://tiec.gov.eg/English/Programs/Invest-IT/Pages/default.aspx