7 Egyptian startups among 45 African companies long-listed for AfricaTech Awards
Seven Egyptian startups are among the 45 African companies long-listed for the second edition of the AfricaTech Awards, launched by accelerator VivaTech in partnership with the International Finance Corporation (IFC), according to an IFC pressrelease.
The program showcases startups in fintech, health tech, and climate tech. Three startups in each category will now be chosen by industry experts to attend the Viva Technology summit in Paris in June.
The Egyptian startups longlisted are: Fintech firms ValU (a unit of EFg Hermes) and Balad, healthtech startups O7 Therapy, PharmacyMarts, Rology, and Shezlong, and climate tech company Baramoda.
The AfricaTech Awards is a pan-African initiative recognizing companies driving innovation and development impact across the continent.
The startups were selected by knowledge partner Deloitte from a pool of more than 380 applicants – up 30% from the first edition in 2022. The Fintech category received the highest number of applications (143), followed by Climate Tech (124) and Health Tech (115). Nigeria, Kenya, Egypt, Tunisia, and South Africa have the highest participation rates among the 33 African countries represented. This year, 91% of the applicants have at least one woman on their board.
“At a time when startups have needed the most support, we are proud that the AfricaTech Awards are promoting the unique vibrancy of the African tech ecosystem to the world. These 45 identified startups areevidence that Africa is playing a leading role in Health Tech, FinTech, and Climate Tech; the AfricaTech Awards have been designed to help them reach their full potential,” explain Viva Technology Co-Presidents Maurice Lévy and Pierre Louette, and Managing Director François Bitouzet.
The 2023 AfricaTech Awards are part of IFC’s strategy to strengthen tech ecosystems in emerging markets and help innovative startups scale. IFC recently announced a $225-million venture capital platform to support tech entrepreneurs across Africa, the Middle East, Central Asia, and Pakistan. IFC also expanded the IFC Startup Catalyst Program by $60 million to help seed funds, incubators, and accelerators finance and mentor early-stage startups and prepare them for later-stage investment.
