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Fawry Over the Years
Fawry’s journey to reaching unicorn status was a long one driven with strategic moves and focused vision up until a landmark moment in 2019 when the company put 36% of its shares on the Egyptian Exchange (EGX) at LE 6.46 (US $0.21) per share.
With an IPO that was oversubscribed by an overwhelming 30.3 times, aiming to accumulate LE 1.6 billion (US $51,780,000), this strategy wasn’t merely a fundraiser but an astute maneuver to involve influential stakeholders in its journey.
About 21% of the offering was divided between Actis, Banque Misr, and the National Bank of Egypt, the rest engaging public and substantial investors.
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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.
