SEKETAK: A New $20 Million Incubator and Accelerator for Startups in Egypt
A consortium comprising Falak, a venture capital fund, and a group of Egyptian, Tunisian, and Lebanese investors has established SEKETAK, a $20 million incubator and accelerator for startups. The identities of the subscribers remain undisclosed, but the new vehicle aims to support high-potential startups in specific sectors, such as agro-food and energy.
Falak's Investment Approach
Falak, a Saudi-based fund, invests in innovative startups. Its investment approach focuses on identifying high-potential enterprises that can stimulate economic growth and innovation in Egypt.
Egypt's Thriving Ecosystem
Egypt's ecosystem has experienced rapid growth in recent years, driven by a young and tech-savvy population, increasing internet penetration, and government support, including tax exemptions and financial incentives. The country has also established innovation centers and technology parks to support young entrepreneurs. Egyptian startups have raised a total of $329 million in funding in 2024.
Digital Transformation and Growth
The push towards digital transformation in various sectors is expected to continue stimulating the growth of entities. Currently, many Egyptian startups are seeking to expand into the Middle East and North Africa region. We can expect to see transactions with Tunisian companies that meet the dual criteria of growth and profitability. The favorable environment encourages innovation and entrepreneurship, and it is essential to adopt best practices and improve our ecosystem, which faces its own set of challenges that need to be addressed with caution.
