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Changelabs supports startups with EGP 2m - Daily News Egypt

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Changelabs supports startups with EGP 2m

ValU contracted with an insurance company to install the value of car insurance

ValU company ) A subsidiary of EFG Hermes Finance ( contracted with an insurance company to install the value of car insurance for 12 months, Walid Hassouna, CEO of EFG Hermes Finance, said on the sidelines of the Changelabs Business Acceleration Program conference.

The Changelabs Business Acceleration Program organised the conference last Thursday to announce EGP 2m support for a set of startups.

In its first presentation in Egypt, the programme aimed to allow 10 social startups to present their early ideas and ambitious business models.

The 10 startups, who graduated from the Changelabs business incubator, are operating in the sectors of education, health, transportation, real estate, financial technology, and agricultural technology, and will compete for the funding.

In the education sector, Nasha, the first fully integrated online educational platform in the Arab world, showcased educational content as well as a store containing all games and educational tools.

OTO, an online English language learning platform, also provides a professional teacher to interact directly with students. The last education platform was V Laby, which is an online platform for scientific laboratory experiments that allows teachers and students to share lab experiences interactively.

In the health sector, Youspital, a medical services mobile application that organises bookings and payments to physicians, was shown. This application saves 70% of the cost to the consumer.

Well. Fit. Go., a personal weight loss coaching app, provides interactive suggestions to help clients lose weight and follow healthy diet.

In the real estate sector, Cyan, a leasing platform for long-term economic sharing, was introduced, besides The Rent, a mobile application for collecting rents electronically.

In the financial technology sector, Lindor, an online commodity exchange platform, was introduced. In the transport sector, Presto, a delivery service for home and micro business owners, was also reviewed, in addition to Proteinia, an agricultural technology company that produces fish food from insects.

Shehab Marzban, chairperson of Egypt Ventures and senior advisor for economic affairs to the minister of investment and international cooperation, said stablishing the idea of your company is to foster entrepreneurial activities in Egypt because the entrepreneurship sector is an important employer and a major player in the Egyptian economy. He stressed that the Ministry of Investment and International Cooperation is interested in entrepreneurship as much as big investors.

Karim Samra, founder of Changelabs, said the companies that joined the first batch of business accelerators were well equipped to serve the local market and even export products, services, and ideas to developed countries.

Changelabs announced that Proteinia and Youspital have won EGP 2m in financial support after competing with 8 startups.

The agricultural technology company, which produces fish food from insects, Proteinia, received EGP 1.5m of subsidies, while the hospital received EGP 500,000.

Youspital is a mobile application for medical services, which regulates the booking and payment of doctors, saving 70% of the cost to the consumer.

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