The future is bright for Egyptian startups

Egyptian startups raised $190m in venture capital last year. In June alone, they nearly eclipsed that record.

July 8, 2021

Egypt has long been known as a gateway to ancient civilizations.

In 2021, though, the spotlight is on Egypt as the Silicon Valley of North Africa, and let’s be clear — it ain’t no pyramid scheme.

Funding is coming in on multiple fronts

In 2020, Egyptian startups raised $190m in venture capital. Last month alone, they nearly eclipsed that record.

Notable deals include:

  • $42m to Trella: The digital trucking marketplace company has plans to expand across MENA (the Middle East and North Africa)
  • $40m to MaxAB: The delivery and logistics startup is looking to become the Amazon of MENA

Smaller deals were recently signed for Minly (Egypt’s version of Cameo), and for e-commerce and fintech startups DressCode, Tejarra, MoneyHash, and Tareeqi.

It’s not just Egypt that’s pro-Egypt

  • The European Bank for Reconstruction and Development recently signed over a $100m loan to help Egypt’s small businesses
  • France will dish Egypt $2.1B in financing to develop Cairo’s urban infrastructure

The Egyptian government also passed a law permitting its central bank to distribute banking licenses to fintech companies.

For aspiring Egyptian entrepreneurs, it’s quite the time to be alive.

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