Innoventures ends year on $1.6m high note

SME developer and accelerator Innoventures has announced the launch of their US$1.6-million fund, named Innoventures Fund 1.

Innoventures’ CEO Hesham Wahby made the announcement alongside the launch of their workspace in Alexandria, dubbed IdeaSpace-Borg.

The startup accelerator, in partnership with VC4A, has also awarded top startups during their Reactor competition where three startups from Africa won prizes up to €10 000.

“The winning startups have our commitment towards providing them with investments either by networking with investors or directly from us,” said acceleration programme manager at Innoventures, Nourhan Ghanem in a press release.

Zerowaste Technologies, the winner of Innoventures Reactor, is an eco-friendly company which aims to develop innovative waste-management solutions. The company also looks at how to better improve water preservation as well as power consumption. They’ve received €5000 for their recycling project, CanBank.

The second and third place winners consisted of travel booking platform Tripdizer and big data company Perligos. These companies have received €3000 and €2000 respectively.

Innoventures concludes the year on a high note

Other startups included:

• Quanode – A website development solution
• Utmost – A service trading platform
• Mageera VR – Creates innovative marketing solutions using VR
• Cinema 360 – Allows users to be seated in a swivel chair with a VR headset fitted, giving them the opportunity to watch movies shot in 360 degrees
• Onyx Rooms – A standardisation service which partners with affordable hotels to help you find the best one for your money
• Auto Splendor – Create modern car accessories

The top ten startups which made it through the knockout stage have gone on to compete at the RiseUp Egypt pitching competition, which concluded on 11 December.

Out of the 25 teams that applied, 10 of them were able to complete a three-month programme. Here, they received workspaces, legal registration, consultancy as well as business management and development training. These SMEs have also received advice on their business models as well as the opportunity to network with investors and industry mentors.

“I expect 2017 to be full of success for startups in Egypt, regardless of the economic conditions. I hope developers and small company owners turn the big problems Egypt is facing in practical solutions,” said Careem’s director within Egypt, Wael Fakharany.

Featured image: Edgardo Olivera via Flickr