The US venture capital firm 500 Global has opened an office in Cairo — its first in Africa — nearly a decade after making its initial investments in Egyptian start-ups.
“We feel very strongly that our conviction to invest in the best founders everywhere has paid off,” 500 Global’s chief operating officer and managing partner Courtney Powell told The National.
“We’re now investing from the first cheque all the way to pre-IPO [initial public offering]. So we’re expanding the stage of the funds and expanding very aggressively from a geographic perspective as well.”
As the Arab world’s most populous country with one of the fastest growing start-up ecosystems in the Middle East and Africa, Egypt has “a strong market of talent and new start-ups being born”, Ms Powell said.
Venture capital funding in Egypt-based start-ups reached $491 million last year and recorded a compounded annual growth rate of 117 per cent between 2017 and 2021, start-up data platform Magnitt said.