Bedaya Launches New $17M Fund for Egyptian Startups
The Bedaya Fund, owned by Egypt’s General Authority For Investment (GAFI), has announced a new fund worth $17 million to support SMES from various sectors. Investments could reach $6.3 million and will target startups with a minimum valuation of $2 million – except in the case of environmental projects, which currently make up around 15% of Bedaya’s investments (particularly renewable energy ventures). Furthermore, 60% of the fund’s total investments go to ventures in remote areas to increase the scope of entrepreneurial opportunities. The fund was initiated by Bedaya’s Startup Academy, which has been helping entrepreneurs since 2013 through a 3-month program that assists them with essential steps like company registration, business model development, managing the marketing, financial and legal affairs, and sustainable tools for business, in exchange for equity. The program’s support lasts three to five years, after which SMES typically find an exit, mainly through the Nile Stock Exchange (NILEX)”. Bedaya’s success stories include EGY GLOVE, a medical glove manufacturing startup, and Bznsbuilder, a cloud-based tool that allows entrepreneurs to create investor-ready business plans and track their progress, with insights on their marketing and financial plans. Bedaya also plans to partner with the Academy of Scientific Research and Technology (ASRT) in Cairo and raise $800,000 to help startups develop minimum viable products, through Bedaya.