Top 5 funding rounds in Egypt in 2020
This week, MAGNiTT launched its second annual report on Egypt’s venture capital and startup ecosystem, in collaboration with ITIDA. The free-to-download report underscored the Egyptian ecosystem’s steady progress towards maturity as it hit an all-time high of $190M in venture investment.
Of the five startups that raised the highest 2020 funding rounds in Egypt, two each operated within Healthcare and Transport, ensuring over 50% of capital was deployed between the two industries. Below are all the necessary details on Egypt's Top 5 2020 funding rounds:
Healthcare startup Vezeeta raised the largest funding round in 2020, worth $40M. This Series D round also represented the highest amount invested in a Healthcare startup in Egypt so far. Key investors to participate in the deal were Gulf Capital, STV and CE-Ventures. In its previous fundraising activity in 2018, Vezeeta attracted $12M in investment from an ensemble of six regional and international investors.
In May 2020, Transport startup Swvl raised the year’s second largest funding round backed by Swedish VC firm Vostok New Ventures. The deal was valued at $26M and was the third highest closed in the year by a Transport startup across Emerging Venture Markets. Swvl is a ride-sharing application-based service operational in five countries. Previously, the venture raised $42M in a series C round in 2019.
Another Transport venture Halan, focused on two and three-wheeler vehicle sharing, gained the backing of three investors to raise $15M. Its Series B round saw participation from Middle East Venture Partners, Egypt Ventures and Shaka Ventures.
The $8M round raised by Elmenus became the largest funding received by a Food & Beverage startup in Egypt. Otlob’s acquisition in 2015 for $12M was the only transaction within F&B to exceed this value. Elmenus is a digital app that doubles as a restaurant directory and food-ordering platform. Its latest investment was sourced from Global Ventures and Algebra Ventures.
Yodawy is a healthcare focused e-commerce platform that instantly delivers healthcare essentials to its users. In 2020, the startup garnered $6M in venture investment, backed by Middle East Venture Partners, Global Ventures and Algebra Ventures. Prior to this Series A round, Yodawy raised $1M in 2019 with the support of the same investors.
Find out which other startups raised funding in Egypt in 2020 by downloading our FREE 2020 Egypt Venture Investment Report.
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