Egypt’s ITIDA, 500 Global mark three years of startup collaboration
Egypt’s Information Technology Industry Development Agency (ITIDA) said Tuesday that its three-year partnership with global venture capital firm 500 Global has helped strengthen the country’s technology startup ecosystem, supporting funding, job creation and the expansion of accelerator capabilities nationwide.
The partnership, launched in 2022, has focused on transferring global best practices to Egypt’s entrepreneurship landscape through structured accelerator programmes, performance-based collaboration and institutional capacity building, ITIDA said.
ITIDA Chief Executive Ahmed Elzaher said the agency is prioritising the growth of Egypt’s technology sector by supporting local and international IT firms, expanding digital services and offshoring exports, and positioning startups as a key driver of sustainable innovation.
Egypt’s deep pool of digital talent remains its strongest competitive advantage, Elzaher said during a panel discussion marking three years of cooperation with 500 Global.
As part of the partnership, Egyptian entrepreneurs participated in nine cohorts of the 500 Global Egypt Seed Bootcamp and Scale Up programmes, involving more than 380 founders from 197 startups, ITIDA said.
Those companies attracted about $6 million in direct investment during the programmes and raised more than $54 million in follow-on funding, while creating over 1,300 full-time jobs. The portfolio also recorded two exits and secured $1.3 million in grants and awards, according to ITIDA.
A key outcome of the collaboration was the Bootcamp for Accelerator Managers (BAM), aimed at strengthening Egypt’s accelerator ecosystem. More than 125 managers from over 55 accelerators nationwide took part, with follow-up assessments showing improvements in leadership roles, programme quality and operational performance.
ITIDA said the partnership aligns with its broader strategy to build an integrated and geographically inclusive entrepreneurship ecosystem, supported by its nationwide network of Creativa Innovation Hubs.
Looking ahead, Elzaher said the next phase will focus on deep-tech sectors, particularly artificial intelligence, alongside specialised programmes to improve investment readiness and support international expansion.
Bedy Yang, managing partner at 500 Global, said the partnership with the Egyptian government has delivered results that exceeded expectations.
“Egypt has a rich talent pool, but this talent needs access to mentorship and education, and accelerator managers are the key enabler of this potential. We believe Egyptian startups are capable of producing advanced technological solutions,” Yang added.
“We appreciate the flexibility and openness of the Egyptian government, and we are proud that this partnership has achieved all its targets and exceeded beneficiaries’ expectations.”
Attribution: Amwal Al Ghad English