- Egyptian start-ups are increasingly attracting global funds. Last month it raised $190 million almost surpassing what they raised in 2020.
- Among the significant deals are digital trucking marketplace startup Trella raising a $42 million funding round for expansion of its services; and Tejarra and MoneyHash, e-commerce and fintech startups for undisclosed amounts.
Egyptian start-ups are increasingly attracting global funds. Last month it raised $190 million almost surpassing what they raised in 2020. Among the significant deals are digital trucking marketplace startup Trella raising a $42 million funding round for expansion of its services; and Tejarra and MoneyHash, e-commerce and fintech startups for undisclosed amounts. Another tech start-up that bagged funding in June was the Egyptian e-commerce start-up DressCode that raised $250 000. Apart from this, the National Bank of Egypt secured $100 million from the European Bank for Reconstruction and Development. The funding will be used to support the country’s small and medium-sized companies work on energy efficiency and climate change mitigation. Energy efficiency is expected to further boost Egypt’s attractiveness as an investment destination as against South Africa and Nigeria who struggle with power outages, a deterrent for investment.
Egypt has been proactive in strengthening the start-up sector by way of prioritizing policy and through development partnerships. A new law allowing the central bank to give out banking licenses to fintech and digital commerce firms was introduced. Experts are of the view that international investors are taking a closer look at African startups, where the risk-reward profile looks much more compelling and they forecast more venture capital funding interest in the region.
