ITIDA, Flat6Labs launch IT Invest Program to support tech startups in Egypt
Amr Talaat, Minister of Communications and Information Technology, witnesed the lunch and noted that Egypt ranks among the top three countries in the Middle East and Africa for attracting investments in tech startups.
This program is designed to equip startups in the communications and information technology sector that are in the seed funding or pre-Series A stages for investment across various governorates in Egypt, according to a statement released by the Egyptian Ministry of Communications and Information Technology.
Moreover, it aims to enhance these startups' ability to attract funding, expand, and contribute to economic growth in the country.
The program will be implemented in two phases.
The first phase focuses on preparing participating startups for investment through intensive training sessions, workshops, and advisory meetings, along with essential tools and resources.
The second phase involves networking between the participating startups and potential investors.
The program aims to assist 12 startups by enrolling them in both phases over a period of six to eight months.
By the end of the training, these companies will be equipped to secure investments and connect with both local and international investors, all under the guidance and support of the program's team.
Participating companies must be in the seed funding or pre-Series A stages, have a scalable product or service, be registered for at least two years prior to the program's start date, and have a founding team consisting of at least two members.
Flat6Labs is one of the key players in the early-stage financing and venture capital investment in the region. As of 2020, Flat6Labs has successfully nurtured and financed 106 startups with a total fund of EGP 100 million.
ITIDA, founded in 2004, serves as the executive branch of the Egyptian Ministry of Communications and Information Technology. The authority signed memorandum of understanding (MoU) in August with Informatique to boost information and communications technology (ICT) training in Egypt .