Startups

MSMEDA Signs $3 Million Agreement with Foundation Ventures Fund

To Support Startups in Egypt

Basel Rahmi, CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), emphasized the agency’s commitment to enhancing the entrepreneurial ecosystem in Egypt and supporting startups.

He outlined MSMEDA’s ongoing efforts to provide a wide range of services to ensure the growth and stability of emerging companies.

This announcement came during the signing of MSMEDA’s contribution documents, with the agency investing $3 million into the Foundation Ventures Fund.

The signing ceremony was attended by Basel Rahmi, MSMEDA’s CEO, Hany Emad, Head of the Central Venture Capital Department, Mazen Nadim, Managing Partner at Foundation Ventures, Leila Abdelkader, Senior Financial Specialist at the World Bank, Mohamed Medhat, Deputy CEO of MSMEDA, as well as several senior officials from MSMEDA and the Foundation Ventures Fund.

Rahmi noted that the partnership between MSMEDA and Foundation Ventures aims to provide vital funding to promising Egyptian startups across various sectors.

This collaboration is designed to foster innovation and enhance the competitiveness of the Egyptian economy through MSMEDA’s investment program, which was successfully launched in partnership with the World Bank as part of the Entrepreneurship Support Agreement.

This initiative is Egypt’s first investment program to fund venture capital funds operating in the country (FoFs), helping early-stage startups grow and contribute to a competitive, diversified economy in line with Egypt’s Vision 2030.

The MSMEDA CEO emphasized that this investment will allow startups to realize their ambitions, expand their operations, and increase their competitiveness in local and regional markets.

Furthermore, it will create new job opportunities and accelerate economic growth in Egypt.

Rahmi also reiterated MSMEDA’s commitment to supporting Egyptian entrepreneurs by providing an enabling environment for their businesses to thrive.

The agency continues to collaborate with international partners and investment funds dedicated to strengthening the business environment and offering all necessary support to meet the needs of small, medium, and startup businesses.

Rahmi highlighted MSMEDA’s participation in the Ministerial Committee for Entrepreneurship, chaired by

Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation.

The committee aims to enhance the capabilities of startups and the entrepreneurial ecosystem to achieve sustainable, rapid economic growth based on competitiveness and knowledge, which in turn will create decent job opportunities.

Hany Emad, Head of MSMEDA’s Venture Capital Department, emphasized the agency’s strong focus on supporting young fund managers.

Given the quality and experience of Foundation Ventures’ management team, MSMEDA decided to invest in the fund.

This fund will focus on early-stage startups, contributing significantly to achieving sustainable economic growth and providing innovative solutions to economic challenges, positively impacting the Egyptian economy.

Mazen Nadim, Managing Partner at Foundation Ventures, reaffirmed the fund’s commitment to supporting the growth and development of Egypt’s startup ecosystem.

He expressed confidence that the market is still in its early stages and holds enormous potential for innovation and growth.

Nadim stressed that every traditional industry in Egypt requires technological empowerment to keep up with future changes.

Over the next decade, significant shifts are expected in how businesses operate and are managed. Companies that fail to innovate and invest in technology will lose their competitive edge.

Nadim also expressed his enthusiasm about partnering with MSMEDA, highlighting the considerable support and fruitful collaboration with the agency, reflecting a shared vision for fostering sustainable growth in the entrepreneurial ecosystem.

He believes this partnership marks an important turning point for both Foundation Ventures and the broader startup community, and he is optimistic about the future and the joint efforts to empower startups, create positive impact, and fully harness the potential of the Egyptian market.

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