Egypt's Raya FutureTECH concludes first accelerator program
TLDR
- Raya FutureTECH, Raya Holding's innovation arm, concludes first accelerator program in collaboration with GIZ in Cairo.
- 13 startups graduate from the program, including Arzaq Masr, Cultivaet, Accounting Club, Meta Egypt, and others.
- Winners to receive funding and additional support for further development of their solutions.
Egypt’s Raya FutureTECH, the innovation arm of Raya Holding, has concluded its first accelerator program in collaboration with GIZ.
The Demo Day held in Cairo marked the graduation of the first cohort of 13 startups, which includes Arzaq Masr, Cultivaet, Accounting Club, Meta Egypt, BUS14, Credify, Jadeed, Wfrley, PlanQ, Tatbeek, The Holiday Homes Service Co., H.E Rental, and WhereApp. The winners will receive additional support and funding to further develop their solutions.
Nanis Elessaily, Director of Strategy and Partnerships at Raya Holding, expressed her enthusiasm, saying, "Banking on Raya’s 25 years of experience in various sectors, we are eager to support them grow as we believe startups have become an integral part of the economy”
Key Takeaways
Egypt has become a significant player in the global startup ecosystem, solidifying its position as a dynamic hub for innovation and entrepreneurship. The country's strategic geographical location, serving as a bridge between Africa and the Middle East, gives it a distinctive advantage in attracting investors and entrepreneurs. Also, a sizable and youthful population, government initiatives to encourage entrepreneurship, and a growing pool of creative individuals all contribute to the vibrancy of Egypt's startup environment. The supportive ecosystem for startups in Egypt is further enhanced by the availability of financing options, as well as the presence of incubators and accelerators.
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