The Mediterranean city will now have its own startup support network, spearheaded by the founder of the buzzing Techne Summit, Tarek El Kady.
One of the most exciting announcements during the RiseUp Summit that revolutionised the Egyptian capital last weekend, Alexandria will see its first network of Angel Investors injecting capital to the city’s ecosystem.
The announcement was made by Tarek El Kady, founder of Alexandria’s Techne Summit, who formalised the launch during the opening of the summit in Cairo. Launched in partnership with the German GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit), the network will consist of a select group of founding members, all experienced in business and enthusiastic about entrepreneurship, who aim to invest in promising, high-growth startups in Alexandria and the Nile delta region from mid-next year onwards.
"A lively startup community will have repercussions that extend to every aspect of our lives, with amazing minds and talents developing how we go about our everyday lives, offering solutions that never crossed our minds to challenges that we never even knew existed" El Kady said.
Much like Cairo Angels does in the Egyptian capital – with investments of over 12 million EGP in 15 startups over the past three years - Alexandria Angels aims to play an integral role in the development of the Alexandrian startup community. Stepping in to fill the funding gap crisis, the entity will not only provide funds but also leverage their expertise to provide entrepreneurial projects with mentoring and guiding.
The Angel investor pointed out that the network is already accepting startup business plans on their website and will be investing in the first batch of startups in the third and fourth quarters of 2017.
Main photo: Tarek El Kady visiting the MO4 VIP bar during the RiseUp Summit 2016.
Photo by @MO4Network's #MO4Productions.
Photographer: Ahmed Najeeb.