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VC Investments & Number of Startups per Sector in MENA (2023)
In the data reported by Wamda Capital for 2023, the Fintech sector emerged as the leading force in fundraising activities throughout the Middle East and North Africa, amassing the greatest cumulative deal value at approximately US $2.3 billion and boasting the highest startup count with 112.
Despite Fintech's dominance in total sector funding, the average capital raised per startup was just over US $20 million. In stark contrast, super apps, characterized by exceptionally mature startups, secured an average of US $108 million per startup.
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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.
