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Investors Remain Bullish on Egypt’s Startup Ecosystem, Despite Falling on Hard Times in 2023

Investors Remain Bullish on Egypt’s Startup Ecosystem, Despite Falling on Hard Times in 2023

By Erika Masako Welch 19 March 2024

After several years of fast-paced growth and a stand-out performance year in 2022 in terms of startup fundraising and deal flow, Egypt’s startup ecosystem hit multiple speed bumps in 2023. The global VC winter had something to do with it, but run-away inflation and plummeting currency valuations compounded challenges for investors and startups alike. Still, and perhaps due to the current macroeconomic climate, many investors remain bullish about investing in the sector in 2024.

This month, Lucidity Insights partnered with Entrepreneur Middle East to publish a comprehensive Special Report, looking at Egypt’s startup and investor ecosystem titled, “Investing in Egypt’s

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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.

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