Changelabs, an impact-centered accelerator, has announced the launch of its 'Scale Up To Green' program targeting top Egyptian resource efficiency, green energy, and agritech companies.
Scale Up To Green will offer SMEs and scale-ups unparalleled access to the resources they need to scale, acquire more customers, build the right long-term partnerships, and raise additional rounds of funding.
The program is being launched in partnership with the Green for Growth Fund (GGF), which is a Euro 600m+ investment fund, supported by the European Union under its EU4Energy initiative. The fund channels financing toward initiatives that expand renewable energy, increase energy efficiency, and reduce the use of natural resources.
The program will also count Amazon Web Services (AWS), and MINT by EGBank as partners.
The program will admit and work closely with 15 leading Egyptian post-revenue scale-ups by mid 2021. Each admitted startup will be considered for additional support by the GGF Technical Assistance Facility for future collaborations , gain access to technology and design services, product build-out support, and a day to day hands on operating partner for 6 months that will help scale their business with them - a ﬁrst in the MENA region.
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Karim Samra, CEO & 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. Simultaneously, organic farming, clean energy, efficient buildings, agriculture, and access to water are all priorities.”
Nelly Mahmoud, Chief Communication Oﬃcer & Head of Youth Beyond Banking & Financial Inclusion at EGBANK mentioned “We are thrilled to partner up with Changelabs to launch the ﬁrst Green Scale-Up Accelerator in the region. MINT by EGBANK’s long-term strategy and vision is to empower young entrepreneurs with the needed tools and technical support considered crucial for their business’ growth. We understand that the Egyptian Scale-up Ecosystem is underserved and has lots of potential therefore we, at MINT by EGBANK, are committed to play an eﬀective role as a real contributor to the ecosystem in the various crucial arenas including green energy and green economy.”
The program’s focus on key sustainability outcomes is particularly suited to the Egyptian market, as the country is undergoing a Green Energy and Resource Efficiency renaissance, spurred by local constraints and pressure exerted by double-digit population growth coupled with global demand as reflected in competitive export markets.
The program’s design and structure are in the final stages, with SMEs and scale-ups across Egypt now invited to apply to the program and will be considered on a rolling basis through Q2 of 2021.
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