Bedaya, Egypt’s first governmental fund that is private sector led, has launched a new fund worth $17 million.
Owned by the General Authority For Investment (GAFI), the Bedaya Fund was launched by Bedaya’s Startup Academy and will support SMEs from various sectors, in exchange for equity.
Since November 2013 the Startup Academy has been helping entrepreneurs using a three month program that assists with essential steps like company registration, business model development, managing the marketing, financial and legal affairs, and sustainable tools for business.
In parallel with its mission to support the entrepreneurial ecosystem in Egypt it plans to launch a new partnership with the Academy of Scientific Research and Technology (ASRT) in Cairo.
This partnership will see $800,000 raised for the development of minimum viable products, through Bedaya.
Entrepreneurship program leader and communication specialist for Bedaya Mahi Al Jazzar spoke with Wamda about the selection process.
The Academy relies on several financial and nonfinancial services in its quest to help SMEs. Mentorship sessions around legal, marketing or financial consulting are among these services. "We offer these services in our 'business clinic' which aims to dissect the challenges for each project and help cofounders overcome them," Al Jazzar said.