Orange Egypt Powers Innovation in Africa's Startup Ecosystem with $52.7M Boost

Yasser Shaker, Orange Egypt CEO and Managing Director

Orange Egypt is stepping up its commitment to Africa's startup ecosystem with a $52.7 million investment aimed at driving youth-led technological innovation. This move comes on the heels of its agreement with the Egyptian government to launch the second phase of its 5G licensing.

So far, over 40 startups, predominantly Egyptian, have benefited from this capital injection, further cementing Egypt's position as a rising hub for entrepreneurship in Africa.

Egypt’s startup ecosystem is thriving, ranking as the third most funded in the MENA region. In 2022 alone, Egyptian startups secured 143 deals worth nearly $766.7 million, a significant leap from the $606.79 million raised the year before.

The nation’s ecosystem, home to over 2,100 startups employing more than 50,000 people, is recognized among the top 10 emerging global startup hubs. Government initiatives such as Egypt Ventures, launched in 2017, have bolstered this growth by fostering innovation and tech-driven expansion.

Orange Egypt's latest investment is set to build on this momentum, creating more opportunities and strengthening Africa's startup culture.

Source: Tapiwa Matthew Mutisi / Innovation Village