Changelabs kicks off its second cohort with an Energy and Impact track

Turning disruptive ideas into profitable startups, Egyptian impact-centered startup accelerator, Changelabs kicked off its second cohort on Sunday 19 July 2020 with an Energy and an Impact track. Delivering on a promise of sustainability, positive change and inclusion, ten Egyptian-based social impact startups and another five energy-focused startups have joined the Changelabs accelerator program in partnership with The Green for Growth Fund, Amazon web Services and The Dutch Development Bank (FMO).  

The 8-week accelerator program was designed to shape ideas into viable businesses that bring change to the Egyptian ecosystem following the country’s 2030 vision for sustainable development. During the program, the fifteen startups will benefit from unparalleled access to a network of global mentors, world-class experts, wide-reaching investors, partners, customers, and up to LE 1.5 million in funding.

“We believe entrepreneurship can change the world. This year in Egypt we’ve partnered with GGF (the Green for Growth Fund), Amazon, and the Dutch Development Bank to accelerate top Green Energy and Impact startups, connect them with world-class mentors and experts, and jumpstart their entrepreneurial journey. We invested LE2MN in startups after last year’s Cohort I and are excited to work with the 15 shortlisted Egyptian startups this year” shared Karim Samra, the co-founder of Changelabs. 

The key advantage of this accelerator is the focus on early-stage startups, unparalleled access to a global network and community, regular and consistent opportunities to pitch before and interact with investors, and a seasoned team of entrepreneurs always ready to help. The program will give youth the necessary training and skills to succeed, even with no prior education, and help combat brain drain and keep Egypt's youth in Egypt. 

“Today, more than ever, entrepreneurship is becoming one of the most sought out ways to turn MENA's challenges into profitable opportunities. Our 2nd Cohort in Egypt is set to help the local startups do just that with now two accelerator tracks; Impact and Energy". says Jamal Khayyat, Changelabs co-founder and managing partner. Jamal also added that he's very excited to onboard a new partner this year; the Green for Growth Fund, that's funded by DeutscheBank and the IFC amongst others to launch the brand new Energy track in Egypt. 

Changelabs has been turning ideas into startups, with programs in Boston, London, Beirut, and Osaka, engaging youth around the world and bringing them back into the conversation. It has also recently focused its efforts on the MENA region and helped launch exciting startups like Youspital, Presto, Protienea, OTO Courses and Askova in Egypt.

The program launched with a Kickoff event where the 15 selected startups were announced: 

Impact Track: 

Araza2, Baramoda, BirdNest, Praxilabs, Dayra, DomDom, El-Dokan, Hospitalia, Mawelny, Square Corner 

Energy Track: 

Vesstoss, Delta Oil, Dizaria, SSV, Hand Over

Despite a rocky first half of the year, Saudi Arabia’s startup funding increased by 102% from H1 2019 to H1 2020, with H1 2020 already surpassing full-year 2019 by the amount of funding. Discover more data by downloading our FREE H1 2020 Saudi Arabia Venture Capital Snapshot.

هذا التقرير متوفّر أيضاً باللغة العربية على الرابط التالي: تقرير الاستثمار الجريء في المملكة العربية السعودية في النصف الأول من عام ٢٠٢٠