Changelabs partners with an European Investment Fund to launch Egypt’s first “green” scale-up accelerator

By Tech Gist Africa
4 years Ago

One of the top 10 accelerators in the Middle East, Changelabs, has announced the launch of its leading “Scale Up To Green” accelerator, which will target top Egyptian resource efficiency, green energy, and agritech companies.

The program is being implemented in collaboration with the Green for Growth Fund (GGF), a Euro 600 million+ investment fund backed by the European Union’s EU4Energy initiative.

The fund provides funding for projects that increase renewable energy production, improve energy efficiency, and reduce the use of natural resources.

Amazon Web Services (AWS) and MINT by EGBank would both be partners in the initiative.

This accelerator will provide SMEs and scale-ups with unrivaled access to the tools they need to develop, attract new customers, form long-term relationships, and raise additional rounds of funding.

By the middle of 2021, the program would have accepted and worked closely with 15 leading Egyptian post-revenue scale-ups. Each accepted startup will be considered for additional support from the GGF Technical Assistance Facility for potential partnerships, including access to technology and design services, product build-out support, and a day-to-day hands-on operating partner for six months to help scale their business with them – a first in the MENA region.

“While the Egyptian ecosystem is one of the most vibrant in the MENA region, and accelerators and VCs abound, there is a significant gap in the scale-up and operating segments of the startup support menu – we aim to put together the right stakeholders to fill that gap, both in Egypt and beyond,” says Karim Samra, CEO and founder of Changelabs. “At the same time, organic farming, renewable energy, efficient housing, irrigation, and water access are all priorities,” he adds.

The program’s focus on key sustainability outcomes is especially well suited to the Egyptian market, as the country is experiencing a Green Energy and Resource Efficiency revival, fueled by local constraints and pressure from double-digit population growth, as well as global demand as reflected in competitive export markets.

“We are excited to be partnering with Changelabs to launch the region’s first Green Scale-Up Accelerator. The long-term strategy and vision of MINT by EGBANK is to provide young entrepreneurs with the resources and technological support they need to expand their businesses.

We recognize that the Egyptian Scale-up Ecosystem is underserved and has a lot of potential, so we, at MINT by EGBANK, are committed to playing an effective role as a real contributor to the ecosystem in a variety of critical arenas, such as green energy and green economy.” According to Nelly Mahmoud, EGBANK’s Chief Communication Officer and Head of Youth Beyond Banking & Financial Inclusion.

The program’s design and structure are nearing completion.

SMEs and scale-ups from all over Egypt are now invited to apply for the program on Changelabs’ website.

Applications will be accepted on a rolling basis until the second quarter of 2021.

Read More on Tech Gist Africa:

Related Content

Hudhudshop, a Qatari e-commerce platform, has secured a six-figure investment in its pre-seed round

Nowlun, an Egyptian logistics startup, has raised $1.7 million in seed funding

SAYeTECH, a Ghanaian agritech company, has won the $50,000 MEST Africa Challenge 2024

Enakl, a Moroccan mobility startup, has raised $1.4 million in pre-seed funding

Sylndr, an Egyptian online auto retailer, has raised $7.45 million in funding