ITIDA: Egypt Keeps Top Spot in the Region for Number of Startups & Venture Deals in Q1 2020
Of all the deals made in the region in the first quarter of 2020, 37% were in the Egyptian market, according to ITIDA
According to Egypt’s Information Technology Industry Development Agency (ITIDA), Egypt retained its top place in the region for funding and venture deals in the first quarter of 2020. The statement also cited that Egypt’s market held 37% of the region’s deals, according to MAGNiTT, MENA’s leading data platform tracking the region’s startup ecosystem.
That percentage is up from 2019’s recorded share, where Egypt was the most active venture capital market with 25% of all transactions, according to MAGNiTT’s 2019 MENA Venture Investment Report.
The statement also pointed to the Central Bank of Egypt’s launching of a EGP 1 billion FinTech innovation fund, as well as its establishment of a FinTech Hub. In both 2018 and 2019 reports, FinTech was the most active industry by number of agreements, followed by e-commerce and transport.
Though the signs do seem to be looking up, as we’ve reported previously, experts say the full impact of the Coronavirus on the startup ecosystem is yet to be fully realised. Because MENA investment rounds take an average of 6 months, it will only be in Q2 and Q3 that numbers will start to reflect the economic hit.
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