491 Million dollars in investments in Egyptian startups through 491 A financing deal and a new record in the number and quality of investors
Egypt came in first place At the level of the African continent in terms of the number of investment and financing deals in Egyptian startups during a year , according to a report issued recently by the “Magnet” platform, which specializes in data for financing startups, in cooperation with the Information Technology Industry Development Agency “ITIDA”.
According to a statement issued today by “ ITIDA ” explained the report titled “ Bold investment in emerging projects in Egypt ”, that Egyptian companies succeeded in collecting financing deals worth Million dollars through A deal concluded within a year 1080, setting a new record for head size Investment money in the startup sector in Egypt, with an annual growth rate of 168 % compared to last year.
The report also mentioned that Egypt came in third place in terms of the total value of investments in start-up companies On the African continent, where its start-up companies won 18 % of total capital invested in the continent during a year , while Nigeria ranked first with a percentage of
The report also compared the performance of startups In the Middle East and North Africa in the same year, where Egypt came in second place in terms of The number of investment deals directed at start-up companies in the region, where they acquired a percentage of 38 % of the total number of For deals in the region, while Egypt ranked in third place in terms of the total value of investments in start-up companies in the Middle East and North Africa
The report highlighted indicators of the recovery of the startup sector in Egypt from the repercussions of the global epidemic, which had contributed to the decrease in the number of deals in . , so that Egypt will return to witnessing growth during in the number of transactions, which amounted to 26 %, as well as an increase in the number of investors to reach Investor which is a number Unprecedented also .
Amr Mahfouz: The percentage of foreign investments in Egyptian companies has reached %, which is the highest in the region, reflecting the confidence of venture capital funds in the Egyptian entrepreneurship climate and the excellence of existing innovative solutions and ideas on information technology
Eng. Amr Mahfouz, CEO of the Information Technology Industry Development Agency “ITIDA” , stressed the Egyptian state’s interest in the innovation-based entrepreneurship sector, noting that the boom in the emerging technology companies sector in Egypt is a result of The spread of pioneering and innovative thought among young people in the Egyptian society, and in light of the growth in the number and quality of investors and the expansion of the network of co-working spaces, creativity communities and technology incubators throughout the Republic.
Mahfouz added that the authority has developed a new five-year strategy in cooperation With Deloitte, a global consultancy, where the strategy is based on four main axes: enhancing the work environment for startups and developing their growth factors, facilitating access to finance and investments, developing technical skills and increasing the number of professionals to facilitate access to them while creating a climate that stimulates the growth of pioneering and innovative thought, and finally Facilitate penetration into global markets through an online promotion and marketing plan For international level.
Founder of the “Magnet” platform: Egypt enjoys a leading ecosystem for start-ups in the region, and the record rise in the volume of investments reflects the increasing interest and openness of investors’ appetite and emphasizes the maturity of the Egyptian market
Philip Bahoshy, Founder and CEO of Magnet said: “This report highlights Egypt’s position as a leading ecosystem for start-ups in the Middle East and Africa region and is witnessing a record rise in The volume of investments, which confirms the market maturity that Egypt is witnessing. Most importantly, Egypt achieved a record number of investors, with a growth rate of 177 % on an annual basis, reflecting the increasing interest and open appetite of foreign investors from all over the region and international markets.”
The report identified the percentage of foreign investors ( (Investors from outside the Middle East and North Africa ) in Egyptian startups that amounted to % and the number Investor, (While the percentage of foreign investors (non-Egyptian investors from inside and outside the region) in Egyptian startups reached
Million dollars), Fintech sector (
Million dollars), Retail sector (42 Million Dollars) Food and Beverage ( Million dollars).