Four Egyptian Startups Raise Funds from US Accelerator Y Combinator
MENA is also represented by two Moroccan startups that have raised funds as part of the accelerator’s summer 2021 cohort, too.
MENA startups have been making an impact this summer at US-based accelerator, Y Combinator, with Egyptian startup, Pylon, scoring $125K in seed funding, as part of a much larger round.
Founded by Ahmed Ashour and Omar Radi (pictured in main image) in 2017, the smart energy solutions startup is the fourth Egyptian-born startup to score as part of Y Cominator’s summer 2021 cohort, with the last-mile delivery company, ShipBlu, online insurance marketplace, Amenli, also raising funds, while automotive marketplace, Odiggo, raised a $2.2 million investment of which Y Combinator contributed part of.
Elsewhere on the regional landscape, two Moroccan startups also enjoyed a productive period, with Y Combinator acquiring a 7% stake in B2B marketplace, Chari, and investing in SaaS value chain platform, Freterium.
This batch of the accelerator has included 377 startups from across the world, including a record 15 from Africa. On a continental level, only Nigeria tops Egypt's four participating startups, with five.
