Back to the complete issue
Sunday, 1 August 2021

Egyptian startups raise 26% of MENA funding in 1H2021

Egyptian startups landed some USD 194 mn in venture capital finance in the first half of this year and accounted for 26% of all transactions inked across MENA in the same time period, ITIDA CEO Amr Mahfouz said last week in a statement (pdf). Mahfouz said in public comments that the USD 194 mn figure was a 30% year-on-year increase from 2020.

The biggest funding rounds in 1H2021: Trella closed a USD 42 mn funding round co-led by Maersk Growth in June, followed by payment gateway Paymob, which completed a USD 18.5 mn series A round in April. Digital banking app Telda landed USD 5 mn in pre-seed funding in May. Egyptian fintech startup Dayra closed a USD 3 mn pre-seed funding round in March, logistics startup Flextock raised USD 3.25 mn in pre-seed investment in May and agri-fintech startup Mozare3 raised a seven-figure investment in a pre-series A round.

Egypt lured in more international investors than any other MENA country in 2020: International VCs represented 32% of all investors supporting Egyptian startups in 2020, compared to 21% in the UAE and 18% in KSA, according to a report (pdf) by Magnitt. There were 69 VCs actively investing in Egypt as of 2020, up from 31 in 2017.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.