Orange launches €500,000 Seed Challenge for MEA startups

The initiative will offer tech startups in the Middle East and Africa region the opportunity to access funding
Orange Group, Middle East, Africa, STARTUPS, Tech

Share

Orange Group has announced a new scheme to help startups in the Middle East and Africa’s tech sector access crucial sources of finance, through its Orange Ventures subsidiary.

The Orange Ventures MEA Seed Challenge aims to give entrepreneurs in Africa and the Middle East the means to launch and develop their business, when they would otherwise face difficulty in securing funding.

Orange Ventures plans to invest a total of €500,000 in the MEA start-up ecosystem as a result of this challenge, with up to seven seed stage start-ups benefitting from an investment of between €50,000 and €150,000.

The Orange Ventures MEA Seed Challenge is open to start-ups in Cameroon, Côte d'Ivoire, Egypt, 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,” says Alioune Ndiaye, CEO of Orange Africa and the Middle East.

“With the Orange Ventures team we are proud to launch this first initiative which aims to identify, help and promote exceptional entrepreneurs, who have the courage and drive to launch new projects and who, like us, believe in the potential of this continent. 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,” adds Jérôme Berger, CEO of Orange Ventures.

The beneficiaries will be announced next September. The top beneficiary will receive an investment of €150,000 as well as three months of support from challenge partner, Seedstars.

Orange Ventures is a benchmark venture capital investor in Africa, present on the continent since 2017. With 50 million euros under management, Orange Ventures MEA has invested in five start-ups, mainly in Series A and B, in Kenya, South Africa, Nigeria and Ethiopia.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story