Egypt's startup deals hit 129 companies securing over $1M

Egypt leads the North African region in acquiring startup deals, with 129 companies securing over $1 million each, totaling more than $2.1 billion from 2019 to October 2023.

 

Minister of International Cooperation (MoIC), Rania Al-Mashat, said that during the graduation ceremony of 20 promising startup ventures from the sixth group of the Orange Corners program.

 

 This initiative, aimed at nurturing entrepreneurship and assisting startups in Upper Egypt, has successfully nurtured a total of 116 companies across its six cycles.

 

During the ceremony, the Minister emphasized the vital role played by the startup sector in attracting foreign investments and developing the country's human capital. 

 

The Minister also stressed the significant contribution of startups in creating high-quality job opportunities. Over the past three years, the Orange Corners program has generated a considerable number of employment prospects. 

 

Notably, the startups enrolled in the program have experienced an 

44 percent growth in their business volume, accompanied by an increase of over 80 percent in revenue.

 

Minister Al-Mashat underscored the importance of the sixth session in enhancing Egypt's entrepreneurship landscape and providing support to female entrepreneurs. Notably, 59 percent of the graduated companies from the program are led by women.

 

The Orange Corners Egypt program, an initiative launched by the Dutch government, aims to equip entrepreneurs with training, business networks, and support necessary for starting and expanding their ventures.