Egypt’s EYouth raises USD180K in SEED funding from EdVentures

EYouth, a community of entrepreneurs leading sustainable enterprises has raised USD180K in SEED funding from EdVentures. 

EYouth, a social enterprise based in Cairo that empowers youth through a wide range of services, has raised USD 180K in a round investment as SEED fund from EdVentures, the venture capital arm of Egypt’s Nahdet Misr Publishing House.

Founded in 2010 by Alaa Obeida and Mostafa Abdellatif, EYouth aims at empowering youth, especially in Egypt’s different governorates, through providing them with diversified training programs in entrepreneurship, employability and personal skills enhancement, and community development. They also provide young entrepreneurs with mentoring, advising, and consulting services they need to start and grow their own businesses, and ultimately connect them to investors.

In 2018, EYouth took part in Falak Startups acceleration program’s first cycle receiving pre-seed investment, tailored mentorship and substantial market access opportunities.

EYouth have trained more than 65,000 entrepreneurs in 27 cities across Egypt and helped launch more than 1500 social enterprises and initiatives.

The company will use the allocated investment to develop an online platform to grow their entrepreneurial services in Egypt and expand to other African countries.

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“EdVentures focuses on empowering youth through education, and promoting innovation and entrepreneurship; thus, we see our investment in EYouth as key in extending our support to a wider base of young entrepreneurs especially those located in upper Egypt with very limited resources.“ said Dalia Ibrahim, the founder of EdVentures and CEO of Nahdet Misr Publishing House.

“What also makes us quite happy with this investment is that we get to contribute more to growing Egypt’s entrepreneurial ecosystem and help thousands of young Egyptians find new work opportunities”, added Dalia Ibrahim.

The main points

– EYouth aims at empowering youth, especially in Egypt’s different governorates, by them with diversified training programs in entrepreneurship, employability and personal skills enhancement, and community development.
– They have trained over 65,000 entrepreneurs in 27 cities across Egypt and helped launch more than 1500 social enterprises and initiatives.
– The investment will be used to develop an online platform to grow their entrepreneurial services in Egypt and expand to other African countries.

Alaa Obeida, the co-founder and Innovation Director of EYouth said, “In light of the fierce competition in the labor market, therein lies a great demand for investing in training and developing skills and capabilities of young entrepreneurs located in various governorates and even extend this to other Arab and African countries.”

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“We are very glad that a pioneering company in the field of education, such as Nahdet Misr, has placed its trust in our EYouth platform. Their investment and support will definitely solidify our position and enable us to further develop and expand”, said Mostafa Abdellatif, the co-founder and Managing Director of EYouth.

It’s worth mentioning that EdVentures supports and invests in startups specializing in education, culture, and innovative learning solutions in SEED and Pre-Series A rounds focusing on Egypt, Africa, and the Arab World. The corporate VC was launched in 2017 by Nahdet Misr Publishing House. It provides technical and financial support to startups in order to ensure success and continuity in the market by providing investment according to the needs and maturity level of each company.

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Source: https://magnitt.com/news/51846/egypt-eyouth-raises-usd180k-in-seed-funding-from-edventures