Impact-centered startup accelerator Changelabs and New York-based investor/operator Modus Capital have announced the launch of a scale-up accelerator targeting top Egyptian companies. The program will admit and work closely with 15 leading Egyptian post-revenue startups, across 3 cohorts (1 per annum).
Each startup will receive $100-125k of funding, technology, and product build-out support, and a day to day hands-on operating partner for one year that will help scale their business with them.
Startups across Egypt will be handpicked and invited on a number of criteria including:
● Ability to create dignified sustainable and flexible jobs for youth and women
● Revenue generation history and future potential profitability
● Management team track record and background
● Technical feasibility
● Readiness and potential for scale-up
● Impact on outcomes for customer and community
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The program’s focus on the key outcome of job creation is suited to the Egyptian and MENA markets, where unemployment sometimes reaches 30% depending on the economy, and populations are heavily skewed towards youth.
Karim Samra, Co-Founder of Changelabs commented, “While the Egyptian ecosystem is one of the most robust in the MENA region, and accelerators and VCs are everywhere, there’s a huge gap in the scale-up and operating segments of the startup support menu - we aim to bring together the right stakeholders to fill that gap, in Egypt and beyond."
Kareem Serafi, Founder & CEO of Modus Capital added, “We’re very happy to be bringing our leading-edge Modus Studio offering to the Egyptian market - whereas, in the United States and Europe, investors often partner with startups during their scale-up stage to provide hands-on operating support, this is far less common in the Middle East due to a gap in expertise and know-how - we’re excited to work hand in hand with Egyptian founders to help take their startups to the next level."
Apply for Changelabs' and Modus Capital's accelerator program in Egypt on MAGNiTT