Orange Egypt has committed 52.7 million to accelerate technology innovation among African youth, marking a significant development in the continents startup landscape. The investment coincides with the telecommunications companys recent agreement with Egyptian authorities for the second phase of 5G licensing implementation.
The initiative has already supported more than 40 startups, predominantly Egyptian ventures, strengthening the countrys position in Africas entrepreneurial ecosystem. This strategic funding builds upon Egypts existing achievements in the startup sector, where it holds third place for funding within the MENA region.
Egyptian startups demonstrated remarkable growth in 2022, securing 143 funding deals totaling 766.7 million. This figure represents a substantial increase from the previous years 606.79 million, highlighting the sectors rapid expansion. The countrys startup ecosystem currently encompasses over 2,100 companies, providing employment to more than 50,000 individuals.
This robust growth has positioned Egypt among the worlds top 10 emerging startup hubs. The achievement reflects years of concentrated effort from both private and public sectors to foster innovation and entrepreneurship. The Egyptian governments commitment to technological advancement became evident in 2017 with the launch of Egypt Ventures, establishing a foundation for startup support and development.
Government initiatives have created an environment conducive to technological innovation and business growth. Orange Egypts investment amplifies these existing efforts, providing additional resources for young entrepreneurs across Africa. The telecom companys participation signals growing private sector confidence in Egypts digital future.
