Orange Ventures investing $560K in MEA tech startups
Orange Ventures plans to invest a total of €500,000 (US$560,000) in tech startups in the Middle East and Africa (MEA).
The Orange Ventures MEA Seed Challenge is looking to invest in up to seven seed-stage startups, giving each funding of between €50,000 ($56,000) and €150,000 ($168,000) as well as local mentorship.
It is targeting startups at the seed stage, with high growth potential and new technologies at the core of their business.
Orange Ventures believes that entrepreneurs in this region often experience more difficulties in accessing financing due to the low number of active investors, especially for seed investments.
"Investing in and supporting these entrepreneurs is key to the continent's development and an important issue for Orange, which wishes to increase its co-operation with these innovation players," it said.
The challenge will pick a winner per country in Cameroon, Egypt, Ivory Coast, Jordan, Morocco, Senegal and Tunisia.
"As a major player in supporting the digital ecosystem in our territories, it is important for Orange to provide a financing solution in addition to our training and support activities for entrepreneurs in Africa and the Middle East," said Alioune Ndiaye, CEO of Orange Africa and the Middle East.
Applications close on July 19, 2020, and winners will be announced in September. The top beneficiary will receive an investment of €150,000 ($168,000) as well as three months of support from challenge partner, Seedstars.
"This is the first step before strengthening our investment activities in Middle East and Africa, aiming to support the future digital champions throughout their different maturity and growth stages," added Jérôme Berger, CEO of Orange Ventures.
Orange Ventures is a benchmark venture capital investor in Africa, present on the continent since 2017. With €50 million ($56 million) under management, Orange Ventures MEA has invested in five startups, mainly in Series A and B, in Kenya, South Africa, Nigeria and Ethiopia.
— The Staff, Connecting Africa
Orange Ventures plans to invest a total of €500,000 (US$560,000) in tech startups in the Middle East and Africa (MEA).
The Orange Ventures MEA Seed Challenge is looking to invest in up to seven seed-stage startups, giving each funding of between €50,000 ($56,000) and €150,000 ($168,000) as well as local mentorship.
It is targeting startups at the seed stage, with high growth potential and new technologies at the core of their business.
Orange Ventures believes that entrepreneurs in this region often experience more difficulties in accessing financing due to the low number of active investors, especially for seed investments.
"Investing in and supporting these entrepreneurs is key to the continent's development and an important issue for Orange, which wishes to increase its co-operation with these innovation players," it said.
The challenge will pick a winner per country in Cameroon, Egypt, Ivory Coast, Jordan, Morocco, Senegal and Tunisia.
"As a major player in supporting the digital ecosystem in our territories, it is important for Orange to provide a financing solution in addition to our training and support activities for entrepreneurs in Africa and the Middle East," said Alioune Ndiaye, CEO of Orange Africa and the Middle East.
Applications close on July 19, 2020, and winners will be announced in September. The top beneficiary will receive an investment of €150,000 ($168,000) as well as three months of support from challenge partner, Seedstars.
"This is the first step before strengthening our investment activities in Middle East and Africa, aiming to support the future digital champions throughout their different maturity and growth stages," added Jérôme Berger, CEO of Orange Ventures.
Orange Ventures is a benchmark venture capital investor in Africa, present on the continent since 2017. With €50 million ($56 million) under management, Orange Ventures MEA has invested in five startups, mainly in Series A and B, in Kenya, South Africa, Nigeria and Ethiopia.
— The Staff, Connecting Africa