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By Lucidity Insights Research Team • November 26, 2024
Egypt, with its youthful population of over 110 million and high digital adoption, stands out as a rising player in the MENA and African startup ecosystems. Contributing over 40% to its economy, MSMEs and startups are critical to Egypt's Vision 2030 goals of economic diversification and innovation.
Despite challenges like inflation, currency devaluation, and limited funding access, Egypt remains resilient. The country ranks 3rd in MENA for startup deals, driven by sectors like fintech and e-commerce. Fintech alone dominates funding, thanks to major players like MNT-Halan and Fawry.
Egypt's strengths include high internet penetration, a digitally savvy workforce, and supportive government initiatives. However, startups face hurdles such as retaining talent, revenue management, and scaling internationally. Many are now expanding to GCC markets like Saudi Arabia and the UAE to mitigate challenges.
With over 160 VCs and accelerators backing the ecosystem, investors see Egypt as a land of opportunity despite short-term economic woes. Its potential as the next big tech hub lies in its adaptability, innovation, and resilience amidst adversity.
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.
Other Videos
Discover Egypt's entrepreneurial journey with incubators and accelerators driving startup growth. Explore key programs and their impact on the startup ecosystem.
Discover the top investors fueling Egypt's vibrant startup scene. With over 160 VC firms and $2 billion in deals, explore the key players driving entrepreneurial success in Egypt.
Egypt’s currency crisis is impacting its thriving tech startup scene. Watch this video to explore the effects on Egypt's Startup Ecosystem.
Egypt shifts from traditional sectors to tech. Discover how three unicorns drive growth and innovation by 2030 in our video.
Is the perception of the Middle East as a more favorable market for Egyptian entrepreneurs still valid? Watch this video to find out.
In 2023, Egypt's startup ecosystem faced setbacks despite a stellar 2022. Global VC winter, inflation, and currency devaluation posed challenges. Yet, optimism persists for 2024 investments.
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