Startups from Egypt, Morocco and Tunisia have been invited to apply for MedUP!, an initiative that provides financing to grow and scale social enterprises.
MedUP! targets social enterprises providing goods and services to communities in an entrepreneurial and innovative way and in need of growth funding.
Co-funded by the European Union and implemented by Oxfam, MedUP! has EUR1 million (US$1.1 million) of grant funding available for 100 companies across the six countries. In addition to the grant, the initiative will also offer startups technical support.
Social enterprises can benefit from financing between 5,000 and 50,000 €, or between 17,000 and 170,000 Tunisian dinars to co-finance their growth, which will be implemented over the next 12 months.
In addition to this grant, the project will provide the technical assistance needed to strengthen the business and increase its social impact.
The overall objective of the project is to promote, in Southern Mediterranean partner countries, an enabling environment for the development of the social entrepreneurship sector as a driver of inclusive growth and job creation.
The sectors targeted by the program are the agri-food sector, business services, clean technologies and energy, utilities, construction and manufacturing, manufacturing, multimedia and entertainment, education, financial services, health, ICT, leisure and travel, retail and wholesale, unsustainable consumption, transport and logistics, water sanitation, hygiene, automotive, household appliances, as well as luxury production and jewelry.
During the 12 months of support, the designated companies will benefit from the media impact of MEDUP! to optimize the visibility of the projects and will also be able to access a network of entrepreneurs and financiers from the Mediterranean basin
The deadline for submission of full proposals is August 10, 2019, interviews will take place from August 10 to 30, 2019, and results will be announced on September 5, 2019. Project funding will be for one year.