2022 brought Egypt a new record funding as the country reigned on top of the MENA regions in the number of deals closed. We map the evolution of Egypt’s VC ecosystem over the years in our 2022 Egypt Venture Investment Report, with the support of the IT Industry Development Agency (ITIDA).
With several initiatives surfacing in support of the ecosystem, Egypt’s Venture Capital market crossed the half a billion mark for the second consecutive year. Capital deployed in the country unlocked a new funding record of $517M. VC Funding was stripped of any late stage $100M+ deals as the macroeconomic challenges on top of the ongoing turbulence in the global market weighed heavily on liquidity.
In deals, Egypt reigned over MENA countries in the number of deals closed in 2022. The country which surpassed its top peer closed 160 deals in 2022, only five behind those it reported in 2021.
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FinTech continued to be the star of VC funding in Egypt backed by a number of initiatives like the FinTech Act which regulates several FinTech subsectors and FinTech for Youth which aims at raising awareness on FinTech, digital solutions for students, and discovering young talents. To that avail, FinTech aggregated $217M in 2022, 18% higher than its value in the previous year. The industry closed Egypt’s top deal of the year for startup Paymob for $50M.
The investors landscape in Egypt saw a rise from 123 in 2021 to 160 in 2022, with the most significant rise coming from the $5M-$20M round size. The share of local investors rose to 24% with ten of the top twenty investors by number of deals being headquartered in Egypt. International investors on the other hand captured 38% of the total investors reported in 2022, down from 46% in the previous year. US-headquartered investors topped the list of international investors capturing a share of 22% of total investors.
What’s In The Report?
This annual report provides a comprehensive overview and a deep dive into the Egyptian venture capital and funding investment space and includes the following:
• A 5-year analysis of Egypt’s venture funding evolution
• Country comparison across MENA and Africa by funding and deals
• Industry comparison by funding and deals
• Active investors by number of investments
• Top 5 startup funding rounds of 2022
• A 5-year exit evolution along with the exits of the year
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About the Sponsor
ITIDA is the executive arm of the Egyptian Ministry of Communications & Information Technology. Its core ideology has been spearheading the development of the IT industry to increase global competitiveness and make it a key contributor to Egypt's growth.