Egypt’s Startups Record $517 Million in Funding in 2022
The Arab world’s most populous country also ranked first across the region in terms of deals.
Startups in Egypt recorded $517 million in funding in 2022, up 3% from the previous year, according to Magnitt’s latest Emerging Ventures Market Report.
Egypt was the third most funded country in the MENA region, after Saudi Arabia and the UAE, which raised $987 million and $1.19 billion respectively in 2022.
The Arab world’s most populous country also ranked first across the region in terms of deals, which amounted to a total of 160 deals.
Consistent with previous years, e-commerce and fintech received the lion’s share of funding in 2022, with Egypt’s super app startup MNT-Halan securing $150 million, as part of its $600 million loan deal with CIB.
Despite the global economic slowdown and local market challenges, Egypt was still able to increase its YoY funding in 2022. While funding did slow down during Q2 and Q3, it picked up again in Q4, with $141 million in funding.
Amidst the capital crunch, there are more funding solutions on the horizon. New York-based Modus Capital partnered with USAID to launch a venture builder in Egypt, while 500 Global, a San Francisco-based venture capital fund, is planning on opening a new office in the country, the first in the African continent, to support an estimated 200 startups. That’s in addition to Algebra Ventures, a leading venture capital fund in Egypt, continuing to invest in local startups.
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