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Egypt’s Top 10 Funding Rounds to Date (As of February 2024)
Looking at the largest VC equity funding rounds for Egyptian startups, MNT Halan, MaxAB, and Capiter secured each two major rounds of investment. MNT Halan stood out by securing the largest funding rounds to date and achieving unicorn status in 2023. Meanwhile, MaxAB and Capiter raised substantial funds back-to-back in 2021 and 2022.
Fintech’s dominate the list, followed by eCommerce players. Unsurprisingly, Fintech was the most invested in sector in Egypt in 2023, with 17 deals amounting to $440 million.
Healthcare came in second with 6 deals amounting to $26 million.
Education took 3rd place with 3 deals signed amounting to $5 million. eCommerce had 7 deals, but raised only $2 million collectively.
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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.
