A15, the leading technology investor, announced a strategic partnership with Careem, the car-hailing app and one of the fastest growing startups in the Middle East, that aims to support Egypt’s tech startups. The partnership was announced during the annual RiseUp Summit that took place last Friday in Downtown Cairo.
The start-up scene in Egypt has been witnessing a lot of success and growth. According to the latest study conducted by Forbes Middle East, promising Egyptian startups have been able to raise funding from VCs and angel investors of around 23.2 Million USD, something that attests to the potential of the Egyptian startup ecosystem. Startups can be a catalyst for job creation especially in Egypt, a country with 27.3% unemployment rate among its youth (from 15 to 29 years) as per the latest report from the Central Agency for Public Mobilization and Statistics (CAPMAS). Both Egypt’s startup scene growth and its potential to create jobs for Egyptian youth have been the main motive and the cornerstone of this partnership between A15 and Careem. Due to the positive impact entrepreneurship has on Egypt’s society, economy and job creation; A15 and Careem believe that the time has come to collaborate by design and work together to support the entrepreneurship ecosystem in Egypt.
The partnership comes in the form of Careem being the “Official Carrier” of A15 portfolio companies and startups it invests in by empowering these new ventures through monthly free and discounted rides given to their employees. This partnership will help startups reduce operational running costs such as transportation and help increase their chances of success.
Startups can play an important role in job creation in Egypt; especially shared economy startups. “We are optimistic about this strategic partnership and see Careem as a perfect-fit for being the official carrier for A15 portfolio companies. “Careem offers the most consistent high quality service in the Car-hailing industry in Egypt” said A15’s CEO, Fadi Antaki. “This partnership was made, well, because it makes sense, as A15 and Careem share common values around creating real products and services that positively impact Egyptians’ lives,” added Antaki. Last year, A15 invested in shared economy startups which thrive to empower and create jobs for Egyptians – such as: mumm, an online homemade food marketplace that connects home cooks with consumers, Tutorama; an online marketplace that connects parents and students with tutors in their area and Shezlong; which is an online platform that connects mental health therapists with patients.
Egyptian startups and their entrepreneurs are not dreamers anymore, these local companies have more than a dream, they have a promise to solve local problems that they understand better than anyone else does. “I personally believe in the startup scene in Egypt and I think entrepreneurial youth will be able to solve the country’s biggest problems.” Said Careem’s Managing Director, Wael El Fakhrany. “Joining forces with A15 through this strategic partnership to support tech startups makes perfect sense as A15 is the most active investor in the tech space in Egypt and its team adds more value than merely funding startups, they offer education and strategic support to increase the success rates of startups,” added El Fakhrany. “ We see A15 as the right partner, after all we share very similar values and it became clear to us when we witnessed their investments in shared economy startups; Careem itself is a shared economy startup and a company that plans to empower 1 Million Egyptians in the next 3 years”.
The strategic partnership between A15 and Careem to support local tech startups; was launched during RiseUp summit.