As said on TechPoint Africa, Orange Egypt is making waves in Africa’s entrepreneurial ecosystem with a game-changing $52.7 million investment. This initiative is geared toward fostering a tech-driven future for youth, underscoring the telco giant’s commitment to innovation.
The announcement closely follows Orange Egypt’s agreement with the Egyptian government to launch the second phase of its 5G licensing rollout.
Already, more than 40 startups have secured funding through Orange Egypt’s initiative, with the majority being homegrown Egyptian businesses. This injection of capital serves as a catalyst for the country’s rapidly advancing entrepreneurial landscape, positioning Egypt as a frontrunner among Africa’s startup hubs.
Egypt’s reputation in the startup space is already noteworthy, standing as the third most-funded country in the MENA region. In 2022 alone, Egyptian startups closed 143 funding deals, collectively raising nearly $766.7 million—significantly surpassing the $606.79 million secured in 2021.
The country’s startup ecosystem is thriving, with over 2,100 active ventures providing jobs for more than 50,000 individuals. Globally, it ranks among the top 10 emerging startup ecosystems, reflecting its strategic importance on the world stage.
The Egyptian government has been a key driver of this growth. Through initiatives like Egypt Ventures, launched in 2017, the government has championed innovation and technological advancement. Orange Egypt’s latest investment amplifies this momentum, laying the groundwork for even greater opportunities and a flourishing startup culture across the continent.
Image Source: juniper.net
