Earmarking a total €500,000 for investment in the MEA start-up ecosystem, Orange said up to seven seed stage start-ups will benefit from an investment of between €50,000 and €150,000.
Stating its intention to “increase co-operation with these innovation players”, Orange said the initiative will focus on seed ventures with high growth potential, while aiming to tackle the lack of seed funding in the MEA region.
“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.
Noting that such start-ups are “key to the continent’s development” Orange said it “wishes to increase co-operation with these innovation players”. Accepting applications from start-ups in Cameroon, Côte d'Ivoire, Egypt, Jordan, Morocco, Senegal and Tunisia, the Orange Ventures MEA Seed Challenge is open to online applications until 19 July.
Jérôme Berger, CEO of Orange Ventures added: “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,” Berger continued.
Since its launch in 2017, Orange Ventures MEA has invested in five start-ups, mainly in Series A and B, in Kenya, South Africa, Nigeria and Ethiopia and has €50 million under management.
