Egypt’s Top Segments by Deals and Total Funding in 2023
FinTech startups dominated the funding landscape in Egypt during 2023. This is mainly on the back of funding received by mnt-Halan, which totaled US$ 400 million in 2023, in equity and debt funding.
Fintech, invariably was also the highest in terms of deal count, followed by E-commerce. Healthcare was the third largest in terms of deal count, however the 2nd largest for funding value, at US$ 26 million.
Healthcare funding was led by Yodawy, an online pharmacy marketplace and insurance benefits manager, which raised US$ 16 million in February 2023 and Chefaa, a healthcare startup focused on medicine and non-medicine delivery.
023 has seen a major slowdown as Egypt has been grappling with the economic crisis, impacting startup funding as well.
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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.
