US Openner to provide funding for 50 Egyptian startups
Openner, a US-based venture capital firm is now accepting applications from Egyptian startups, aiming to identify rising businesses with brilliant ideas to expand and scale them locally, regionally, and globally through a local accelerator.
The accelerator helps transform pre-seed and seed startups with a minimum viable product (MVP) into growth and/or acquisition-ready, proven by its strong global performance track record in successfully raising Series A funding for 90% of their pre-seed and seed investments.
Their primary focus is to work with startups to help them build sustainable, resilient and scalable businesses.
Applications are open all-year-round, as no specified one-size-fits-all program will be implemented across all 50 selected start-ups, according to the company’s press release.
Each portfolio start-up will be subject to a custom-designed program tailored to its needs, combining cash injection with growth resources while focusing on the startup’s product development, tech development and distribution.
Openner is a pre-seed and seed venture capital firm focused on investing in technology-based startups globally, which invested in over 100 startups.
Entering Egypt with its accelerator program is set to enable the firm to invest in 50 Egyptian startups. Openner deployed $25 million in over 100 portfolio companies in the US since the fourth quarter (Q4) of 2016, with an aggregate valuation of $2.95 billion.
“We want startups to organically grow into revenue-generating companies without having to raise funds, match them with a strategic investor when they are ready for rapid growth and position them as acquisition-ready,” Founder and General Partner of Openner, Ash Rofail, said.
“We have a very strong and proven track record building companies that have exited or have become leaders in their target industries, with 10% of our portfolio companies exiting within three years of operation. Openner is entering the Egyptian market because it believes in its geographic and cultural centrality, and its promising tech talent.”
