The program is run by 500 Global, one of the world’s most active venture capital firms, in partnership with the Egyptian Information Technology Industry Development Agency (ITIDA). It is dedicated to pre-Series A and Series A startups in Egypt.

The selected startups are:

• Birdnest
• Blnk
• Convertedin
• Dresscode
• FriendlyCar
• ILLA
• Khazenly
• MQR
• Nowlun
• NowPay
• O7 Therapy
• Orcas
• Rology
• Suplyd
• Sylndr

“Despite a challenging global and local macroeconomic backdrop, we found Egyptian founders proving that Egypt remains a thriving technology market in the Middle East and Africa,” said Amal Enan, Partner at 500 Global.

The Scale-Up program kicked off on October 1 at the Creativa Giza Hub, also known as The Factory, operated by ITIDA. It will culminate with the Scale Up Showcase on November 16.

The program is designed to empower founders through personalized mentorship and growth techniques, setting the stage for their future success.

The fund will target seed to early-stage startups operating in the gaming, music, film, and content distribution sectors.

Sony has a long history of supporting startups and fostering innovation worldwide.
The Sony Innovation Fund: Africa is the latest addition to its portfolio of innovation funds, which also include the Sony Innovation Fund, the Innovation Growth Fund, the Sony Innovation Fund: Environment, and the Sony Innovation Fund 3.

In addition to providing financial support, the Sony Innovation Fund: Africa will also offer startups access to Sony’s technologies, expertise, and network of partners.
This will help startups to accelerate their growth and reach new markets.

Sony has also entered into a collaboration agreement with the International Finance Corporation (IFC), the largest global development institution focusing on the private sector, to support the growth of the entertainment industry in Africa by leveraging the strengths of both entities.

The launch of the Sony Innovation Fund: Africa is a significant development for the African entertainment industry.
It is a sign of the growing interest of global tech giants in the region, and it will provide much-needed support to startups that are developing innovative new ways to entertain African audiences.

Highlights:

• Sony launches $10 million innovation fund to support Africa’s entertainment industry.
• Fund will target seed to early-stage startups in gaming, music, film, and content distribution.
• Sony will also offer startups access to its technologies, expertise, and network of partners.
• Sony has also entered into a collaboration agreement with the IFC to support the growth of the entertainment industry in Africa.

The funding is poised to be instrumental in advancing Salient’s mission to provide more accurate and actionable weather forecasts for smallholder farmers in East Africa.

The company’s AI-powered platform uses data from a variety of sources, including satellites, ground stations, and weather models, to generate hyper-local weather forecasts for farmers.

The $2.9 million funding is a significant milestone for Salient Predictions as it will allow the company to develop new products and services that can help farmers improve their yields and reduce their risk.

Salient Predictions’ AI-powered weather forecasting platform can help farmers make better decisions about when to plant, sow, and irrigate their crops.

This can lead to increased yields and reduced losses. The platform can also help farmers to plan for extreme weather events, such as droughts and floods.

The success of Salient Predictions will have a positive impact on the East African agricultural sector.

It will also help to improve food security and reduce poverty in the region.

The funding round was led by Alter Global, a leading international venture capital firm focused on emerging markets, with participation from Qatar Insurance Corporation’s (QIC) corporate VC arm Digital Venture Partners (DVP).

Amenli was founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady ElTohfa.

The startup offers a wide range of affordable and accessible insurance products to individuals, families, and SMEs, including medical, automotive, home, and business insurance. Amenli also handles client claims with insurance companies on their behalf.

The $1 million funding round will enable Amenli to expand its team, strengthen its product offerings, and build a robust brand presence.

The startup plans to introduce new products targeting both existing and new customer segments, as well as develop new distribution channels to maximize efficiency and reach.

“We are excited to partner with Alter Global and DVP, two leading investors in emerging markets,” said Shady ElTohfa, CEO of Amenli.

“Their investment is a strong validation of our business model and our commitment to making insurance more accessible and affordable for all Egyptians,” he added.

The Egyptian insurtech market is still in its early stages of development, but it is growing rapidly.

The market is expected to reach $2 billion by 2025, according to a report by Global Market Insights.

The investment will be used to support Linebooker’s rapid growth strategy, which aims to improve its technological and operational capabilities to serve its customers more effectively, particularly in the areas of working with transportation providers and handling larger transport volumes.

ARC Investments has been a partner of Linebooker since 2017, and its latest capital injection takes its stake in the company to just over 70%.

The decision by ARC to increase its investment in Linebooker is supported by a number of important factors, including the enormous potential of the South African transportation sector.

Founded in 2017, Linebooker is an online freight platform that connects customers in need of transporting large goods with trucks and other transportation services.

South Africa is one of the largest economies in Africa, and its transportation sector is essential for its economic growth.

However, the sector is also highly fragmented and inefficient, presenting a significant opportunity for companies like Linebooker to streamline and digitize the freight booking process.

Leapfrog Investments is a global private equity firm focused on impact investing in emerging markets.

The fund will invest in fast-growing health and financial services businesses in Africa, South Asia, and Southeast Asia.

The investment is part of IFC’s commitment to supporting private sector growth and job creation in emerging markets.

It is also aligned with IFC’s focus on investing in businesses that positively impact society and the environment.

LeapFrog Investments is a pioneer in impact investing in emerging markets.

The firm has a long track record of investing in healthcare and financial services businesses that are expanding access to essential services for underserved populations.

The new fund will invest in companies that are using technology to improve the delivery of healthcare and financial services.

The fund will also target companies expanding access to these services in rural and underserved areas.

The investment is expected to help LeapFrog Investments invest in up to 15 companies across Africa, South Asia, and Southeast Asia.

Google AI Accelerator is a six-month program that provides African startups with access to Google’s AI expertise and resources, including mentorship from Google AI researchers, technical support, and cloud computing credits.

The program is designed to help African startups develop and deploy AI solutions to solve real-world problems on the continent.

This year’s cohort of startups includes a diverse range of companies from across Africa, working on a variety of AI-powered solutions, including healthcare, agriculture, education, and finance.

One of the startups in the program is Famasi Africa.

Famasi Africa is a Pharmacy platform that connects individuals and businesses to Pharmacies.

The startup’s primary focus is on individuals with chronic health conditions to ensure they never run out of their medications.

The selected startups are:

• Avalon Health (South Africa): Simplifying healthcare with AI-powered online access and digital tools for doctors.
• Chatbots Africa (Ghana): Helping SMEs go social with AI-driven online storefronts.
• Dial Afrika Inc (Kenya): Tailoring customer support for global businesses, with a focus on African SMBs.
• Famasi Africa (Nigeria): Building the operating system for pharmacies in emerging markets.
• Fastagger Inc (Kenya): Amplifying sales and loyalty for MSMEs with AI.
• Garri Logistics (Ethiopia): Digitizing freight brokerage and transport to make it more efficient and affordable.
• Izifin (Nigeria): Providing end-to-end credit infrastructure for small businesses via API.
• Lengo AI (Senegal): Launching the first data-driven operating system for the informal sector.
• Logistify AI (Uganda): Minimizing inventory losses in industrial facilities with AI.
  Telliscope (Ethiopia): Offering an AI-enabled business intelligence platform to help businesses make better decisions.
• Vzy (Nigeria): Revolutionizing website building with AI-driven tools that create sites in minutes.

New investors in this round include the Public Investment Corporation (PIC), the largest asset manager on the African continent, and Alexforbes Investments, South Africa’s leading provider of multi-manager investment portfolios.

Sanari Capital’s Chief Executive Officer, Samantha Pokroy, says that the funding will play a pivotal role in addressing structural economic imbalances, promoting transformation, fostering economic growth, creating jobs, and delivering both environmental and financial returns.

The fund will invest in well-established businesses at an inflexion point, driven by technology, innovation, thematic or sectoral growth drivers, and new markets.

Sanari Capital’s investment philosophy is centred on themes aligned with the ever-evolving global landscape, focusing on technology, a more interconnected digital world, IoT, data, and services.

Sanari Capital’s latest funding success represents a significant stride towards enhancing employment opportunities and catalysing economic growth in South Africa and across the African continent.

The fund has attracted backing from a diverse group of investors, including Aliko Dangote, David Rubenstein, Bill Conway, Norfund AS, Standard Bank Group Ltd., International Finance Corp., Germany’s Deutsche Investitions- und Entwicklungsgesellschaft GmbH, and Allianz SE’s AfricaGrow fund.

Alterra Capital Partners plans to invest in a range of sectors across Africa, including telecommunications, technology, logistics, healthcare, consumer goods, and retail.

The firm is targeting companies that are well-positioned to benefit from Africa’s growing population and rising incomes.

The launch of Alterra Capital Partners’ Africa-focused fund is a sign of the growing interest from investors in the African continent.

Africa is home to the world’s fastest-growing population and a rapidly expanding middle class.

This is creating a growing demand for goods and services, which is attracting investment from both domestic and international investors.

Alterra Capital Partners’ fund is well-positioned to capitalize on the investment opportunities in Africa.

The firm has a team of experienced investment professionals with a deep understanding of the African market.

Alterra Capital Partners also has a strong track record of success, having generated attractive returns for investors in its previous fund.