The second iteration of the “VC Grow” program for new VCs has been introduced by prominent development partners GIZ Egypt, FMO, and AfricaGrow.
The program aims to invest equity or venture loans between the seed and series A stages and targets new and rising fund managers operating in Africa or the Middle East, with a minimum allocation of 25% going to Egypt.
The platform for new VCs began in 2022 with a first edition, taught 20 funds, accelerated four emerging funds, and concluded with the 2022 Egypt VC Conference, which attracted investors from across the world to Cairo in June.
This year, the program will invite 20 funds to a two-day bootcamp in Cairo led by industry titans, and will ultimately choose five to join the acceleration programme, which offers six months of specialized fundraising support, regular opportunities to pitch to limited partners, market-based industry workshops led by global titans, and direct introductions to investors.
“The VC Grow program produces a new breed of fund managers who will strengthen the ecosystem in the area and outside. According to Anna Niedergesaess, E&S manager at DEG Impact, “As AfricaGrow, we continue to be part of this effort providing first-time VC managers with creative ideas to address today’s social and environmental concerns.
Before May 1, fund managers can apply to the scheme here.