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Egypt and Africa’s First Unicorn (and More)
Egypt's tech ecosystem has experienced remarkable growth and maturation in recent years, culminating in the emergence of unicorn startups.
One of the trailblazers in this journey was Fawry, whose market capitalization soared to an impressive $1 billion following its listing on The Egyptian Exchange in August 2019.
Building upon the success of Fawry, Egypt achieved another significant milestone with the rise of mnt-Halan as a unicorn startup.
In February 2023, mnt-Halan solidified its unicorn status by securing a staggering $400 million in equity and debt financing. This achievement marked a pivotal moment in Egypt's startup landscape, cementing its position as a key player in the region’s tech arena.
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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.
