Orange Ventures launches competition to finance entrepreneurs of start-ups in Africa and Middle East
Orange Ventures plans to invest a total of €500,000 in the MEA start-up ecosystem through a challenge, with up to seven seed stage start-ups benefitting from an investment of between €50,000 and €150,000. The Orange Ventures MEA Seed Challenge is open to start-ups in Cameroon, Côte d'Ivoire, Egypt, Jordan, Morocco, Senegal and Tunisia. It targets start-ups at the seed stage, with high growth potential and new technologies at the core of their business.
Entrepreneurs in this region often experience more difficulties in accessing financing due to the low number of active investors, especially for seed investments. Investing in and supporting these entrepreneurs is key to the continent’s development and an important issue for Orange, which wishes to increase its co-operation with these innovation players.
“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,” said Jérôme Berger, CEO of Orange Ventures.
These start-ups will be able to apply from 1 June until 19 July, 2020, at:https://digitalventures.orange.com/mea-seed-challenge/
The beneficiaries will be announced next September. The top beneficiary will receive an investment of €150,000 as well as three months of support from challenge partner, Seedstars.
Orange Ventures is a benchmark venture capital investor in Africa, present on the continent since 2017. With 50 million euros under management, Orange Ventures MEA has invested in five start-ups, mainly in Series A and B, in Kenya, South Africa, Nigeria and Ethiopia.