Tech in Africa
Dubbed the MEA Challenge, the €500,000 fund targets startups drawn from the Middle East and Africa. The intention is to focus on startups with high growth potentials and driven by innovative technologies.
Orange ventures will invest €500,000 in MEA startup ecosystems that take part in the challenge. Thus far, 7 seed-stage startups have reaped in substantial funding between €50,000 and €150,000. The challenge allows applicants in Egypt, Cameroon, Senegal, Morrocco, Côte d’Ivoire, and Tunisia. Startups must submit applications by June 1 till July 19 in 2020. You can submit an application here.
The fund beneficiaries are to be announced next September. The top beneficiaries can receive investments of €150,000 including three-month support of Seedstars. Alioune Ndiaye, the CEO of Orange Middle East and Africa, reiterated Orange’s commitment to “supporting the digital ecosystem” and “support activities for entrepreneurs.”
Jérôme Berger, the CEO of Orange Ventures team will launch an initiative that can identify, assist, and promote “exceptional entrepreneurs” who are courageous and driven to launch the best products. They intend to strengthen their investments in the Middle East and Africa as a way of supporting future digital champions.
Orange Ventures are a venture capital benchmark within Africa on the continent before 2017. Managing a fund of €50 million, Orange Ventures MEA will narrow down 5 start-ups, in their series A and B, from South Africa, Kenya, Nigeria, and Ethiopia.
