Press Release.
- Deploying 150,000 Dollars of investments in its second Egypt Cycle
Changelabs, the impact- centered startup accelerator program run in partnership with Green for Growth Fund, Amazon Web Services, and FMO the Dutch Entrepreneurial Development Bank proudly announce the graduation of 13 startups selected among the best in Egypt’s ecosystem following the successful completion of the 6-week accelerator program.
Following the Egyptian government’s commitment and vision of achieving a sustainable footprint in the country and the region, and with recent developments in clean and renewable energy, sustainability has emerged as one of the key verticals in the country’s entrepreneurship ecosystem. This acted as a motivator for Changelabs, when selecting the 13 graduating startups of this year, with a number of startups this year offering solutions that address sustainable impact by providing more affordable and accessible solutions.
Changelabs co-founder Karim Samra, commented during the Demo Day, “bringing Changelabs to life this year was our way to contribute in supporting early-stage impact-centered startups, and our way to show gratitude for the brilliant Egyptian youth who are proving to be part of the solution and reshaping the country’s future”.
Five out of the 13 selected startups this year tackled issues of green energy, offering a wide range of solutions for green energy production like recycling of cooking oil, green energy access by providing electric vehicle charging services, and green energy buildings offering green design while delivering energy efficient, cost-effective, and environment-friendly building solutions.
Jamal Khayat, Changelabs Co-Founder, said: “Our 2nd Cohort Demo Day came following a rigorous journey of training sessions and meetings and one on one support with the social startups. This ensures that they get the most out of the program and that their selection was the right choice.”.
The program provided more than 100 hours of training, 200 hours of one on one mentorship sessions with engagements from more than 50 experts and mentors to support the 13 selected innovative startups, helping turn their ideas into investment-ready businesses.
Startups pitched for up to 150,000 dollars in funding on September 30th in Cairo at the Demo Day that took place online, in line with the new norm of virtual events in an aim to keep the community safe while delivering on Changelabs’ promise of support of the entrepreneurial ecosystem. The celebration of the graduating startups was among the presence of leaders from the ecosystem including Walid Hasouna CEO of EFG Finance, Loay El Shawarby Legal Advisor & Co-Founder at Alex Angels, Jeroen Harteveled Fund Manager at MASSIF, Jean-Noel Odier Senior Operating Partner at Bamboo Capital Partners, Aly El Shalakany Chairman of Cairo Angels, Mohamed Morsy Country Head (Egypt) of Finance in Motion.
Changelabs strives to support a new wave of entrepreneurship in the Egyptian ecosystem and to accelerate the growth of Egypt’s promising social entrepreneurs, educate them, and prepare them to compete in the market.