Falak Startups Hosts Inaugural Demo Day, sponsored by SANAD, for Fifteen Early-Stage Companies from Thirteen Egyptian Governorates
June 3rd, 2018 - Falak Startups, in partnership with EFG-EV Fintech, announced its official launch to the regional entrepreneurial and investor community through an inaugural Demo Day sponsored by the SANAD Fund for MSME. Fifteen high-growth startups, enrolled in Falak’s pilot acceleration cycle, were featured during the event hosted at the Golden Room Hall in Prince Mohamed Ali (Manial) Palace. Participants from thirteen governorates presented their refined business models, in an effort to secure funding from Egyptian and regional investors.
Endorsed by the Ministry of Investment and International Cooperation’s nationwide ‘Fekretak Sherketak’ (Your Idea, Your Company) initiative, and founded by Egypt Ventures in 2017, Falak Startups was established to enable and empower the next generation of Egyptian entrepreneurs. The 4-month acceleration program provides entrepreneurs with funding, mentorship, training, and comprehensive all-round support. This ensures they are equipped with the tools and resources needed to enhance their business models and hone their entrepreneurial skills, in order to thrive and compete in the global economy.
Falak is the largest startup accelerator in the Middle East and Africa and aims to transform the country into an entrepreneurial hub for the region. During the event, the opening of applications for its second acceleration cycle was announced, set to begin in September 2018. Applicants can apply through an online application found at www.falakstartups.com.
When asked why the program was created, Her Excellency Dr Sahar Nasr, Minister of Investment and International Cooperation said “Entrepreneurial success, especially within our young demographic, creates positive spillover effects throughout the entire economy, supports our goal to achieve wider financial inclusion and boosts job creation on the macroeconomic level. It is an essential component in creating a sustainable engine for long-term economic growth.”
“We’re very proud to see our youth develop strong business cases out of mere ideas they came to us with only months ago. Falak Startups will serve as a platform from which we aim to launch numerous acceleration programs, spanning across multiple sector industries. The feedback received today was tremendously positive, and is a strong reflection of the private sector’s support of our mission, as they are key partners in this journey to establish a dynamic, globally-competitive ecosystem” added Dr. Shehab Marzban, Chairman of Egypt Ventures and Senior Advisor to the Minister of Investment and International Cooperation.
“At Falak Startups, we search for the most dedicated and innovative entrepreneurs in the country. Our enrollment roster features businesses that are at every stage of the startup life cycle, from initial ideas to fully established entities looking for partners to aid them in spurring their growth and expansion” stated Amr El Abd, Chairman of Falak Startups and CEO of Egypt Ventures. He added: “Over the course of the pilot acceleration cycle, the startups recorded immense progress and significant traction in their respective markets. They even onboarded new staff to facilitate their rapid growth, and the number of jobs created is expected to rise significantly as these businesses continue to grow and evolve.”
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This Demo Day offers investors a wide variety of viable business investments, as the startups operate in a diverse range of industries, such as fintech, health tech, ed tech, automotive, and technologically enabled domestic services.
Our inaugural Demo Day would not have been possible without the support and sponsorship of the SANAD Fund for MSMEs. SANAD (which translates into “support” in Arabic) views the micro, small and medium enterprise sector as an engine of economic development, job creation and prosperity in the Middle East and North Africa. As such, this sector presents attractive, yet untapped investment opportunities.
SANAD was initiated by KfW Development Bank and is funded by the German Federal Ministry for Economic Cooperation and Development (BMZ), the European Union, Switzerland's State Secretariat for Economic Affairs (SECO), the Development Bank of Austria (OeEB), GLS Bank, and the Dutch Development Bank (FMO).
About Ministry of Investment and International Cooperation (MIIC)
MIIC's mandate is to promote inclusive and sustainable economic development, through establishing a conducive investment climate and boosting mutually-benefical cooperation between Egypt and its development partners across the globe. It is the key government arm responsible for drafting legislation that improves the investment landscape and encourages local and foreign investment. Furhermore, MIIC is the supervisory authority in charge of establishing and promoting investment zones and public free zones. Its affiliations include the General Authority for Investment and Free Zones, the Egyptian Stock Exchange and the Financial Regulatory Authority. To learn more about MIIC, please visit www.miic.gov.eg.
About Egypt Ventures
Egypt Ventures is a seed and early stage sector agnostic investment firm focused on supporting entrepreneurs build fast growth companies in Egypt. It is an initiative launched in March 2017 by the Ministry of Investment and International Cooperation and financed by the government of the Arab Republic of Egypt and the Saudi Fund for Development with a total investment of EGP 451 million. To learn more about Egypt Ventures, please visit www.egyptventures.com.
About EFG-EV Fintech
EFG-EV Fintech is a financial technology fund and accelerator launched by Egypt Ventures in partnership with EFG-Hermes and offers funding and acceleration similar to Falak albeit with different ticket sizes to cater for entrepreneurs' needs in the Fintech sector.