Orange Ventures has provided details on its MEA Seed Challenge.

French telecommunications firm Orange, via Orange Ventures, plans to invest €500,000 in start-up companies with high growth potential from the MEA (Middle East and Africa) region.

Dubbed the Orange Ventures MEA Seed Challenge, the competition is open to start-ups in Cameroon, Ivory Coast, Egypt, Jordan, Morocco, Senegal, and Tunisia.

In a statement, the company explained: “Indeed, they experience more difficulties than elsewhere in accessing financing due to the low number of active investors in this seed phase in the region. Investing and supporting these entrepreneurs is key to the continent's growth, but it is also an important issue for the Orange group, which wishes to accelerate its ability to cooperate with these innovation players.”

Alioune Ndiaye, CEO of Orange Africa and the Middle East described the challenge as Orange’s responsibility to the region’s digital ecosystem.

“As a major player in support of the digital ecosystem in our territories, it is important for Orange to provide a financing solution in addition to our training and support activities for entrepreneurs in Africa and the Middle East,” said Ndiaye.

Jérôme Berger, Managing Director of Orange Ventures said the initiative aims to identify, help and promote exceptional entrepreneurs, who have the courage and daring to launch new projects, and who believe in the potential of the continent.

“This is the first step in strengthening our investment activities in Africa and the Middle East, aiming to support future digital champions throughout their stages of maturity and growth,” said Berger.

Orange Ventures is a €350-million multi-stage technology investment fund with an international focus. Endowed with €50-million, Orange Ventures MEA has invested in five start-ups, mainly in Series A and B, in Kenya, South Africa, Nigeria and Ethiopia.

Supported by the Orange group, the fund offers start-ups in which it invests access to the Group's expertise and the establishment of synergies with its numerous business units and 263 million customers in 29 countries.

Application is open until 19 July 2020 and the winners will be announced in September. The main beneficiary, who will receive an investment of €150,000, will also receive support for three months from Seedstars.