As the VC winter well and truly set in around the globe in 2023, it is clear that the money that came into Egypt during the global investor bull-run was a catalytic force, but maturation still needs to happen across the entire ecosystem.
As the graph illustrates, Egypt was signing approximately 45 deals per quarter in 2022, and in 2023, that number dramatically reduced to approximately 15 deals per quarter.
In Egypt, just like in markets around the world – but especially in markets with currency risk like Nigeria and Pakistan – as money dried up, undisciplined investors and their startups have hit hard times and have had to take a close look at themselves in the mirror.
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.
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