ECO - CAIRO
: 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.
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