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.