Why Egyptian Startups Might Do Better to Expand to Africa vs the GCC

By Erika Masako Welch • 19 March 2024

Egypt has always been a dominant breeding ground for startups in the region, whether you look at the size of the ecosystem, the amount of venture capital deals it attracts, or the overall amount of funding the startups within the ecosystem attract compared to others in the region.

Egypt also plays in two distinct geographies: It’s a major player in the larger Africa ecosystem, and it is also a dominant player in the MENA region.

Infobyte: Cumulative VC Investments in Middle East & Africa 2018-2023 ($ Billions)

In Africa, the big 4 markets for tech ecosystems are consistently Nigeria, South Africa and Eg

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Mentioned Startup & VC Profiles

Algebra Ventures

Algebra Ventures is a venture capital fund that invests in early-stage technology companies.

Sawari Ventures

Sawari Ventures supports entrepreneurs across the Middle East and North Africa by investing in knowledge and innovation-driven technologies throughout the region.

A15

Eary-stage venture capital firm dedicated to partnering with entrepreneurs in the Middle East and North Africa region

IFC Venture Capital Group

The International Finance Corporation (IFC) is the premier global development institution dedicated to fostering private sector growth in developing countries, thereby catalyzing economic development and enhancing livelihoods.

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Investing in Egypt’s Startup Ecosystem

Micro, Small and Medium Enterprises contribute over 40% to Egypt’s economy, and account for over 75% of the country’s total employment. Entrepreneurship is critical to Egypt’s future. Today, Egypt consistently ranks as a top 3 tech startup ecosystem in both the MENA and Africa regions, based on funds raised by local startups. In this special report, we speak to the most active investors in Egypt and cover some of the country’s most successful startups to give you an inside scoop on how they are navigating the current VC winter, inflationary pressures and currency devaluation woes.