Orange Egypt Invests $52.7 Million to Propel African Tech Startups

Orange Egypt is solidifying its role in Africa’s tech revolution with a $52.7 million investment aimed at empowering youth-focused startups. This move shows its commitment to fostering innovation and entrepreneurship on the continent.  

Boosting Startups Amid 5G Expansion

This investment follows Orange Egypt’s agreement with the Egyptian government to roll out the second phase of its 5G licensing. So far, over 40 startups, primarily Egyptian, have secured funding, marking a significant boost for the local entrepreneurial ecosystem.  

Egypt’s Thriving Startup Scene

Egypt is increasingly cementing its position as a leading startup hub in Africa and the MENA region. The country ranks as the third most funded in MENA, with startups closing 143 funding deals worth $766.7 million in 2022—outperforming the $606.79 million raised in 2021.  

Key highlights of Egypt’s startup ecosystem:  

– Over 2,100 startups employing more than 50,000 people.  

– Top 10 emerging global startup hubs, recognized for fostering innovation.  

– Government-backed initiatives, including Egypt Ventures (launched in 2017), continue to drive growth and attract investment.