The Information Technology Industry Development Agency (ITIDA) of Egypt and venture capital firm Flat6Labs have announced the launch of the InvestIT program.
The aim of this program is to scale local startups at the seed or pre-Series A stage and open doors for them to become globally competitive.
The program offers consultancy, investor connections, and tools to help these startups grow. Various startups in Egypt will be supported, with the goal of fostering growth and expanding Egypt’s digital economy.
The program will consist of two phases. The first phase will involve training sessions and workshops, while the second phase will focus on establishing local and international connections.
Dr. Amr Talaat, Egypt’s Minister of Communications and Information Technology, commented on the program:
“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.”
Hany El Sonbaty, founder of Flat6Labs, also shared his thoughts on the InvestIT program:
“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.”
The program will support 12 startups for a period of 6 to 8 months, helping them become investment-ready and secure funding.
