- Following a successful COP27 hosted in Egypt in 2022, and the strong government and private sector commitments, this program will provide young Egyptian SMEs with a track record of environmental impact support to expand their operations, raise funding, and create high-value jobs.
Impact-centered accelerator Changelabs, one of the top 10 accelerators in the Middle East, has recently announced the launch of the 3rd cohort of its leading “Scale Up To Green” accelerator targeting top Egyptian resource efficiency, green energy, and agritech companies. Former graduates of this program include highly successful Egyptian startups like green transportation upstart Scooby (recently featured on Egypt’s Shark Tank), waste to fertilizer market leader Baramoda (expecting circa EGP 30 million of revenue in 2023), online EV platform Electrified (received EGP 10 million of investment from NATCO), and solar panel distributor Shamsena (set to be one of the first local manufacturers of solar panels).
The program’s partners will include Hivos, FMO (the Dutch Development Bank, and Amazon web services, as well as a number of leading private sector companies operating in Egypt.
FMO’s Claire Nyambori said,
“FMO has been working with Changelabs since 2017 and we’re thrilled to continue our support through this innovative program which will see up to 30 Egyptian SMEs over 2 cohorts receive the support they need to continue their growth while contributing to the green economy sector and creating jobs. Our support is very much linked to FMO’s 2030 strategy which you can read more about on our website: Strategy 2030: Pioneer, Develop, Scale – FMO“.
This accelerator will offer SMEs unparalleled access to the resources they need to scale, acquire more customers, build the right long-term partnerships, and raise additional rounds of funding. The program will admit and work closely with up to 15 leading Egyptian post-revenue scale-ups. Each admitted startup will be considered for additional funding by AWS Activate, work closely with private sector partners as part of a corporate innovation cluster, gain access to technology and design services, product build-out support, and access to leading regional and global experts to help them reach their next major milestone.
“Hivos believes strongly in the potential compounded impact of SME-focused initiatives that leverage the private sector, working hand in hand with young companies on product development through partnerships that ultimately can lead to better product/market fit” said Hivos head of Programs Afef Ajengui “We’re very excited to continue our partnership with Changelabs on this program following last year’s success”.
The program’s focus on key sustainability outcomes is particularly suited to the Egyptian market, as the country has just hosted a successful COP27 meeting, and is undergoing a Green Energy and Resource Efficiency renaissance, spurred by local constraints and pressure exerted by double-digit population growth coupled with global demand as reflected in competitive export markets.
“While the Egyptian ecosystem is one of the most robust in the MENA region, and accelerators and VCs are everywhere, there’s a huge gap in the scale-up and operating segments of the startup support menu – we aim to bring together the right stakeholders to fill that gap, in Egypt and beyond,” says Karim Samra, CEO & founder of Changelabs. He adds, “Simultaneously, organic farming, clean energy, efficient buildings, agriculture, and access to water are all priorities.”
Interested startups can Apply Online.
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